Indian state-run refiner Bharat Petroleum Corp said it expects to receive its first Iraqi oil cargo of the current fiscal year within days, following a ship-to-ship transfer at Fujairah.
Speaking at a news conference after the company’s annual shareholders’ meeting on Thursday, Vetsa Ramakrishna Gupta, Head of Finance at Bharat Petroleum, said the shipment is expected to reach refineries shortly. The refiner has secured a vessel to transport the crude to Fujairah, where it will undergo a ship-to-ship transfer before delivery.
Bharat Petroleum requires about 2 million barrels of Iraqi oil monthly and remains open to purchasing additional cargoes from Gulf suppliers on a free-on-board basis if vessels become available. The company is also prepared to lift crude from within the Strait of Hormuz, provided insurance costs remain reasonable and ship owners accept the associated risks.
Gupta noted that the transport vessel has already transited the Strait of Hormuz, a critical chokepoint through which roughly one-fifth of global energy supplies pass. The waterway has faced disruptions due to the Iran war and recent attacks on vessels, prompting refiners to explore alternative logistics arrangements.
The company is also evaluating commercial terms for cargo demurrage, with discussions focused on a 30-to-45-day window to assess viability.
