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India's BPCL Clears Russian Cargo Payments

REFINING

India’s BPCL has cleared all payments for Russian oil purchases at present it said in its latest earnings conference. It follows recent reports that Indian state refiners were facing Indian government pressure to not settle transactions in Chinese yuan.

  • It is not clear if they were settled in yuan or more traditional currencies such as UAE dirham or US dollars.
  • Prior Reuters reports had said this reluctance was holding up Russian cargoes to India.
  • BPCL also reported it was processing Russian oil at maximum “potential levels” at its three plants. Russian imports make up about 30-40% of its overall crude intake.
  • It operates ~700,000 bpd of capacity across the three sites.

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