Indian Refinery Buys Brazilian Tupi Crude

Nidhi Verma and Florence Tan
Monday, March 22, 2021

India's Mangalore Refinery and Petrochemicals Ltd has bought its first-ever cargo of Brazilian Tupi crude oil in a tender, two industry sources said on Monday.

The 1-million-barrel cargo was sold by Royal Dutch Shell for May delivery, he added.

The price was not immediately known.

The purchase comes after Indian state refiners had planned to reduce Saudi crude imports by about a quarter in May in an escalating stand-off with Riyadh following OPEC's decision to ignore calls from New Delhi to help the global economy with higher supply.

MRPL had been seeking sour crude in the tender, but had been offered sweet crude at more competitive prices, the sources said.

Brazilian Tupi crude is a popular grade with Chinese independent refiners but their crude purchases have been slow over the past weeks, partly because of an increase in cheap Iranian oil inflows.

(Reporting by Nidhi Verma and Florence Tan, editing by Louise Heavens)


Categories: Energy Industry News Activity Production South America Asia Refinery

Related Stories

FPSO for Azule Energy’s Angola Offshore Field Starts Taking Shape in China

BP Moves Indonesia CCUS Project Into Offshore Installation Phase

Eni-Petronas JV Starts Indonesia-Bound FPSO Construction

QatarEnergy Prolongs LNG Force Majeure, Charters Out Tankers

Energean Lifts Karish Fields FPSO Oil Processing Capacity

Jadestone Energy Lifts Malaysia Production with Second Online Well

Oil Rises 2% as Middle East Hostilities Escalate

Sunda Energy Applies for Exploration Permit Offshore New Zealand

Oil Surges to Four-Week High as US-Iran Trade Blows

Noble Gets $136M Brunei Drillship Job

Current News

ADNOC, SLB Roll Out AI Platform Across More Than 120 Drilling Rigs

Oil Rises as Uncertainty Clouds US-Iran Peace Talks

India’s ONGC to Allocate Half of New Oil Storage to Strategic Reserves

Subsea7 Lands ‘Sizeable’ Contract for Work Offshore Brunei

FPSO for Azule Energy’s Angola Offshore Field Starts Taking Shape in China

Borr Drilling's Mexican JV Expands Fleet with Five Jack-Ups

Keppel Launches $2.9B Program to Monetize Legacy Offshore Drilling Rigs

Saipem Cuts Earnings Outlook as Middle East Costs Rise

Serica Energy Agrees $194M Pharos Energy Acquisition

Oil Eases After Topping $100, Still Set for Weekly Rise

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com