HOME

Track your shipment

Client Testimonials

"We wish to convey our sincere thanks to your organization which has been professionally handling our biz since 2003. We would like to take this opportunity to thank everyone of your staff members who supported and helped us during the hard times and gave us workable solutions and ideas to reach our business objectives. Al Rana Equipment & Machinery Trading Eng. Bassam Nowfat - Managing Director"

Al Rana Equipment & Machinery Trading,
View All

Subscribe To NewsLetter

Stay Updated with the latest news & Events and other activities

Subscribe Me !

News View

From Liza to Tupi, Indian refiners embrace newer crudes to dilute supply risk
7/6/2021 12:00:00 AM

Indian refiners have been snapping up maiden import deals for newer crudes such as Guyana's Liza and Brazil's Tupi in a sign that one of Asia's fastest-growing oil consumers is increasingly looking to diversify its feedstock basket and have steady supply sources beyond the Middle East.

The purchases of newer crudes not only highlights the growing flexibility of Indian refiners, but also that refiners are increasingly keen to make spot purchases a relatively bigger part of their portfolios in order to take advantage of market fluctuations.
After HPCL-Mittal Energy Ltd. or HMEL procured 1 million barrels of Liza crude in April, state-run Indian Oil Corp. said it had picked up 1 million barrels of Liza, which is expected to reach IOC's Paradip refinery in August. IOC has also contracted to receive 3 million barrels of US crude.
The recent purchase by IOC from Guyana is a part of continuing efforts to diversify the crude basket, said IOC chairman Shrikant Madhav Vaidya.
Liza crude for IOC recently loaded from the FPSO Liza Destiny, marking a significant step forward in India-Guyana economic relations, officials and analysts said.
"India has been diversifying its crude imports, including taking substantial volumes from the US in recent months. With crude production from Guyana set to rise over the coming years, it will become a new source of supply for India, provided it is priced competitively," said Lim Jit Yang, adviser for Asia-Pacific oil markets at S&P Global Platts Analytics.
Liza crude is a medium sweet grade with 32.1 API gravity and 0.51% sulfur content produced at the Stabroek block in Guyana. Indian oil ministry officials said the latest deal for Liza crude could open up the possibility of exploring long-term supply contracts with the Guyanese government.
Source: SP Global
Thanks