Join us on

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Industry: 
Energy
Symbol: 
BSE:500547
Country: 
India
Sources: 

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).

--

"Bharat Petroleum Corp. Ltd. (BPCL) and Hindustan Petroleum Corp. Ltd. (HPCL) will forego buying Iranian crude even as Mangalore Refinery & Petrochemicals Ltd. (MRPL) accepts an offer from the Persian Gulf nation to waive shipping charges. Refiners want to import crude in rupees amid a 13% slump against the dollar this year while Iran doesn’t want to accept the Indian currency, according to the government in New Delhi. While MRPL has accepted an offer for free shipping, BPCL and HPCL haven’t brought oil from the Islamic Republic since April. 'Unless and until the payment issue is resolved, there’s no point taking Iran crude,' said B.K. Datta, the director of refineries at BPCL, the country’s second-biggest state refiner. 'We have plans to buy Iran crude this year, but can’t until there is clarity on the payment mechanism,' he said in a phone interview from Mumbai…The free shipping will translate into a saving of a little less than a dollar for every barrel of crude, according to the official, who declined to provide further details of MRPL’s purchases. BPCL and HPCL haven’t bought Iranian crude in the financial year that began in April because local insurers refused to cover the risks for using the oil. An Indian government plan to prepare a Rs2,000 crore ($319 million) insurance fund for future purchases from Iran is yet to be implemented…India plans to purchase 11 million metric tonnes of Iranian crude in the year ending 31 March, according to oil secretary Rae. That would be a drop of more than 15% from the previous year." (Live Mint, "BPCL, HPCL forego Iran oil as rival gets free shipping," 11/8/13)

--

"India aims to cut Iranian crude imports by 15 percent this fiscal year, the oil secretary said on Tuesday, differing from the oil minister who recently said he wanted to hold the shipments at last year's levels. Ahead of Prime Minister Manmohan Singh's visit to the United States last week, Oil Minister M. Veerappa Moily said Iranian imports should be held steady at 260,000 barrels per day (bpd) to save as much as $8.5 billion in foreign exchange as Tehran accepts partial payment in rupees. However, Oil Secretary Vivek Rae, the Petroleum Ministry's top bureaucrat, said on Tuesday that India targets oil imports of around 220,000 bpd from Iran in the year through March 2014…Three other refiners - Hindustan Petroleum, Bharat Petroleum and Indian Oil Corp - can each import about 1 million to 1.5 million tonnes for the year, or about 20,000 bpd." (Reuters, "India aims to cut Iran oil imports by 15 pct - oil secretary," 10/1/13)

--

"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)