Daijiworld Media Network – New Delhi

New Delhi, Feb 19: In a strategic move to diversify crude sources, Bharat Petroleum Corporation Limited (BPCL) has made its first-ever purchase of Venezuelan crude oil, while HPCL Mittal Energy Ltd (HMEL) has resumed buying Venezuelan oil after a two-year gap, according to industry sources. Each company has procured one million barrels of Venezuelan Merey crude, with the deals facilitated through global trader Vitol. The combined imports are expected to take India’s Venezuelan crude intake to at least six million barrels by April.

The two shipments will be co-loaded onto a single large crude carrier to optimise shipping costs. BPCL plans to split its share between its Kochi refinery in Kerala and Bina refinery in Gujarat, while HMEL will process its cargo at its Bathinda refinery via Mundra port.

This initiative reflects India’s growing efforts to reduce reliance on Russian crude while taking advantage of discounted Venezuelan oil. While India has not officially ended Russian imports, many refiners, including HMEL, have shifted focus toward alternatives.

Industry insiders noted that other Indian companies such as Reliance Industries, Indian Oil Corporation, and HPCL have previously purchased Venezuelan crude at discounts of $6.5–7 per barrel below Dubai benchmarks, making it an attractive option for domestic refiners.

On the global front, U.S. refiners like Valero Energy and Chevron are also increasing purchases from Venezuela under recently eased sanctions, highlighting a broader revival of Venezuelan crude in international markets.

The move by BPCL and HMEL signals India’s proactive approach to energy security, balancing cost-effective sourcing with geopolitical considerations, and marks a notable chapter in the country’s oil import strategy.