UANI

Bharat Petroleum Corporation Limited (BPCL) engages in the refining, storing and retailing of petroleum products, and is “one of India's largest PSU companies, with Global Fortune 500 rank of 287 (2008). Bharat Petroleum is considered to be a pioneer in Indian petroleum industry with various path-breaking initiatives such as Pure for Sure campaign, Petro card, Fleet card etc” (Business website).

--

"Indian refiner Bharat Petroleum Corp (BPCL) has not received Iranian oil since February as it could not open an account with Turkey's Halkbank, which is used by other Indian refiners to pay for oil from Tehran in euros." (Reuters, "India's HMEL bought 2 million barrels of Iranian oil: sources," 10/13/2012)

--

State-run Hindustan Petroleum (HPCL) has made its first payment for Iranian oil in rupees to partially settle its bill for a cargo imported in May, company officials said on Friday, a move that will help New Delhi fix its trade imbalance with Tehran . . . Earlier, Bharat Petroleum Corp had used the rupee payment facility to settle its backlog of about $500 million with Iran as, unlike other refiners, it could not open an account with Halkbank. (Reuters, "India HPCL begins rupee payment for Iran oil," 8/3/23)

--

"India's Bharat Petroleum Corp has made its first payment for Iranian oil in rupees, two industry sources said on Tuesday, becoming the first refiner to use a payment channel that skirts tightening Western sanctions on Iran's trade . . . 'BPCL made (its) first payment on Friday and the second on Saturday. It has settled a backlog of 27 billion rupees for last fiscal year's imports,' said one of the source familiar with the development. The figure is equivalent to $482.19 million. BPCL, unlike other refiners, could not open an account with Halkbank to pay for oil imports to the National Iranian Oil Co (NIOC). BPCL last received oil from Iran in January." (Reuters, "India's BPCL starts rupee payments for Iran oil-sources," 6/19/12)

--

"Indian refiners cut imports from Iran by 38 percent in May from a year ago, tanker discharge data showed, in a second month of steep reductions as they switch suppliers to cushion the impact of new U.S. sanctions on Tehran . . . Bharat Petroleum Corp. Ltd. did not buy any Iranian oil since February." (Reuters, "India cuts May Iran oil imports 38 pct-trade," 6/7/12)

--

As of April 2010, BPCL imports five thousand barrels of crude oil per day from Iran. (Reuters, "Iran’s Crude Oil Buyers in Europe, Asia," 4/18/10)

--

In 2007, BPCL completed a deal with an Iranian oil company: "Iran is set to further boost its rising crude oil exports to Asia, as OPEC's second-biggest producer is close to concluding its first term contract with Bharat Petroleum Corp Ltd (BPCL)." "National Iranian Oil Co (NIOC) is discussing a four-month deal with BPCL, the only Indian refiner so far not to lift term Iranian crude, as the Indian state firm looks to replace imports of costly Yemeni Masila crude, a BPCL official said on Tuesday" (Reuters, "BPCL nears first term crude deal with Iran," 8/29/07)