BPCL makes 1st buy from ConocoPhillips

BPCL makes 1st buy from ConocoPhillips

New Delhi: Bharat Petroleum Corp made its first purchase from ConocoPhillips, trade sources said, a move signalling the US oil major’s plan to broaden its markets.

Reuters had last month reported that ConocoPhillips Co may depart from its conservative approach in a bid to grab a bigger chunk of global oil and refined products trading.

BPCL has bought 30,000 tonnes of Euro IV diesel from ConocoPhillips for 18-22 March delivery at the Chennai port in Southern India at a premium of $4.60 a barrel to Middle East quotes, the sources said.

The state-run refiner has also bought 55,000 tonnes of 500 parts per million (ppm) diesel from PetroChina via two parcels for March deliveries.

MRPL has bought a 30,000-tonne Euro II-compliant diesel for delivery at the Chennai port at a premium of about $4.30 a barrel and another 25,000 tonne at about $4.60 premium a barrel, both to Middle East quotes, at Paradeep, in India’s east coast. All deals are on delivered basis.

A BPCL spokesman declined comment on the deals, while sellers could not be reached for comments.