BPCL in talks with Rosneft to buy oil priced on Dubai benchmark: Report

 Under the pending deal, Rosneft would deliver the equivalent of 6 to 7 cargoes of about 700,000 to 720,000 barrels each per month through March 2024 to Bharat Petroleum Corp Ltd (BPCL). (File image)

State-run refiner BPCL is in talks with Rosneft to buy about 6 million metric tons (43.8 million barrels) of discounted Russian crude at a price based on the Dubai benchmark, according to three sources with direct knowledge of the matter.

The deal would deepen India’s commitment to its now-biggest oil supplier in the wake of Western sanctions on Moscow and mark a continued shift by Rosneft to pricing its oil against the Middle Eastern benchmark used in Asia and away from the Europe-dominated Brent.

Under the pending deal, Rosneft would deliver the equivalent of 6 to 7 cargoes of about 700,000 to 720,000 barrels each per month through March 2024 to Bharat Petroleum Corp Ltd (BPCL), according to the sources, who declined to be named as they were not authorised to speak to media.

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