New delhi: State-owned Oil PSU, Hindustan Petroleum Corporation Ltd (HPCL) is seeking Venezuela crude for the first time for the first time with the intention to increase the heavy oil processing in the new financial year, starting April as per stated by the Chairman Vikas Kushal. The refineries bracket of the country are considering to import Venezuela crude, which is offered by Vitol and Trafigura under a U.S. mandated sale after Washington captured Venezuelan President Nicolas Madurao earlier in this month.
On the sidelines of the Indian Energy Week conference, Mr. Kaushal reported that the PSU company is trying to build more flexibility in their system to raise heavy crude processing and refers to its residue upgradation facility at Vizag and the Barmer refinery. The firm is anticipating 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 government-owned refiner behind Indian Oil Corporation Ltd, while replacing Bharat Petroleum Corporation Ltd (BPCL).
Further, HPCL has recently bought Brazilian Tupi crude and has increased its processing of West African Oil. It has been noted that the company is not focusing to indulge into touching the sanctioned Russian crude. HPCL is currently operating a 1,90,000 bpd Mumbai refinery and a 3,00,000 bpd Vizag refinery in Southern Andhra Pradesh.