Bharat Petroleum Corp said on Thursday it expects its first Iraqi crude cargo of the current fiscal year to arrive within days, as the state refiner navigates logistical challenges in the Gulf.
The shipment, part of a monthly requirement of 2 million barrels, has cleared the Strait of Hormuz and is en route to Fujairah for a ship-to-ship transfer before delivery to BPCL’s refineries. The vessel’s name was not disclosed.
Company finance head Vetsa Ramakrishna Gupta told reporters following BPCL’s annual shareholders’ meeting that the firm remains open to purchasing additional Gulf crude on a free-on-board basis if vessels become available. BPCL is also prepared to lift cargoes directly from inside the Strait of Hormuz, provided insurance costs remain reasonable, ship owners accept the risk, and commercial viability is maintained even with 30 to 45 days of cargo demurrage.
The Strait of Hormuz has faced disruptions due to the Iran war and recent attacks on vessels transiting the waterway, which carries roughly one-fifth of global energy supplies. These challenges have complicated crude procurement for refiners reliant on Gulf suppliers.
