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India’s state-run Hindustan Petroleum Corp Ltd is seeking Venezuelan crude for the first time as the refiner plans to increase heavy oil processing in the new fiscal year starting April, Chairman Vikas Kaushal said on Tuesday.
Indian refiners are considering importing Venezuelan crude, which is being offered by Vitol and Trafigura under a US-mandated sale after Washington captured Venezuelan President Nicolas Maduro earlier this month.
“We are trying to build more flexibility in our system as we have two new facilities, so we can raise heavy crude processing,” Kaushal told reporters on the sidelines of the Indian Energy Week conference, referring to its residue upgradation facility at Vizag and the Barmer refinery.
“We are looking for Venezuelan oil, something we have not processed in the past.”
The firm hopes to start crude processing at its 180,000 barrels-per-day (bpd) Barmer refinery in Rajasthan by the end of the month, making it India’s second-largest state-run refiner, behind Indian Oil Corp, replacing Bharat Petroleum Corp.
HPCL recently bought Brazilian Tupi crude and increased its processing of West African oil, Kaushal added.
“We are not touching sanctioned Russian crude,” he said.
HPCL operates a 190,000 bpd Mumbai refinery in western Maharashtra state and a 300,000 bpd Vizag refinery in southern Andhra Pradesh.
It also holds 48.99 per cent stake in HPCL-Mittal Energy Ltd, which operates the 226,000 bpd Bathinda refinery in northern Punjab state. HPCL Mittal is raising the Bathinda refinery capacity by 10,000 bpd, it said.
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