BPCL now imports 41% of its oil from Russia
What's the story
State-owned Bharat Petroleum Corporation Limited (BPCL) has ramped up its import of Russian oil to around 40-41% of its total imports. The move comes in light of supply disruptions from the Middle East due to the ongoing West Asia conflict. BPCL's Director of Finance, V.R,K Gupta, confirmed this development today.
Import surge
Increase in Russian crude procurement
Gupta revealed that BPCL's Russian oil imports have increased from 25% of total imports in Q3 FY26 to 31% in Q4 FY26. Gupta also revealed that BPCL has secured crude oil supplies until July 2026, with a major portion coming from Russia. The director of finance emphasized that even amid the recent war situation, BPCL managed to maintain crude supply security by diversifying its procurement strategy.
Strategy
US waiver on Russian oil purchases
Addressing questions over the extension of the US waiver on purchasing oil from Russia, Gupta clarified that Russian crude has not been sanctioned. He said, "Even before the war we continued to buy (Russian oil). Under the waiver you can buy from any party (including sanctioned ones). Whatever Russian oil we buy is from non-sanctioned entities."
Sourcing diversification
Diversified crude sourcing strategy
Amid the ongoing war, BPCL has diversified its crude oil sourcing from the US, Venezuela, and Russia. Gupta said, "We have WTI as one destination, Venezuelan crude, and even Middle Eastern spot grades are also available like Murban and other things." He added that they have tested at least four new grades of crude oil including those from Venezuela, Brazil, and Angola last year.