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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