India’s state-backed refiner Hindustan Petroleum Corp Ltd (HPCL) has procured two million barrels of West African crude oil via a tender for its newly commissioned 180,000 barrels-per-day refinery in Barmer, Rajasthan.
The transaction involves Nigerian Okwuibome and Utapate crude grades purchased from global commodity trader Glencore for late-September delivery, according to trade sources familiar with the market deal.
HPCL holds a 74% majority stake in the HPCL Rajasthan Refinery Ltd (HRRL) project, while the provincial government of Rajasthan retains the remaining 26% equity share.
The $8.7 billion complex features a 9 million metric tonnes per annum capacity, integrating crude distillation with extensive petrochemical units designed to process diverse regional and foreign crude streams.
Since initiating distillation operations earlier this year, HRRL has systematically tested varied crude slates, including Azerbaijan’s Azeri, Libya’s Mesla, Angola’s Nemba, and domestic local Rajasthan grades.
The latest purchase highlights how Indian state refiners are leveraging spot tenders to optimize feedstocks and diversify supply routes amid shifting global oil market dynamics.
