Tuesday, 9 October 2012

Indian Firm to Buy Nigeria’s Crude under 1-year Contract

Oil giant, Chevron has signed a deal with Indian State-run Bharat Petroleum Corporation (BPCL) to buy 10,000 barrels per day (bpd) of Nigeria’s light sweet crude grade. The deal, which is for the year ending March 2013, entails that Chevron will supply barrels of light sweet crude to the Indian company at the official selling price.
The Nigerian crude oil could be partial substitute for the Libyan and Algerian barrels that the Indian company used to buy under contract terms. BPCL operates the 240,000 bpd Mumbai Refinery in Western India and the 190,000bpd kochi plant Southern India.
 The first quarter Trade Statistics released by the National Bureau of Statistics (NBS) in June revealed that India had overtaken the United States to become Nigeria's largest market for oil exports.

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