 "The state-run Bharat Petroleum Corporation (BPCL) and private refiner Reliance Industries (RIL) pin their hopes on the US driving season among other factors to improve refining prospects in the current financial year (FY25) after reporting weak first")
Public sector oil marketing company (OMC) BPCL is confident of Russian shipments being restored in a few months, Vetsa Ramakrishna Gupta, director of finance, told Business Standard on the sidelines of the India Energy Week.
During October-December of FY25, the company’s share of imports from Russia was 34 per cent.
“In case Russian supplies are not available due to sanctions, our share may come down to 20 per cent for a short period. But, we will again get cargo beginning March and through April. So, supplies will come back to normal levels,” he added.
Due to the stringent sanctions on Russian shipping fleet transporting crude, the company has struggled to get its cargo for February. It has secured up to 50 per cent of cargoes in March.
“We are trying to get the balance 50 per cent. It will take time,” Gupta said.
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He said enough crude is available in the market, especially from the United States, Middle East and Brazil, albeit at a slightly higher cost.
“Russian cargo is currently available at a small discount. Last year, it was $5-6 per barrel. In Q3, it was at $3.5 per barrel. Now, it has come down to $3 per barrel,” he said.
Gupta expects refining margins to remain low for the foreseeable levels.
“Gasoil has come back to reasonable levels of $13-14 from zero,” Gupta said.
The OMC will be signing its first ever sourcing deal with the Abu Dhabi National Oil Company (ADNOC) for liquefied natural gas (LNG) on February 13.
Gupta said the company is also exploring the possibility of LNG shipments from the United States. It currently has an LNG deal with Qatari entities, which will expire in 2028. However, the deal has been renewed for a 15-year period.
BPCL is also developing large-scale wayside amenities next to new highways nationwide.
To represent a significant part of BPCL's non-fuel-retailing segment, the new business will feature land parcels up to 20 acres, with a full range of food and beverage options, Gupta said.
BPCL has acquired land through auctions, and is also engaged with local owners. BPCL currently has over 250 in and out stores.
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