Indian State Refiners Secure 8 Million Barrels of Crude Oil in Major Global Purchase Deal
Indian state-owned oil refiners have secured approximately 8 million barrels of crude oil through international tenders, highlighting the country’s continued efforts to diversify energy imports amid changing global market conditions.
The latest purchases were made by Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL), with cargo deliveries scheduled between August and early September 2026.
Indian Oil Corporation Purchases 5 Million Barrels From Africa
Indian Oil Corporation (IOC), India’s largest state-owned refiner, acquired around 5 million barrels of crude oil from suppliers across Africa during its recent tender process.
According to trade market sources, IOC purchased:
- Approximately 1 million barrels of Angola’s Kissanje crude from Cathay Petroleum.
- Around 2 million barrels of Nigeria’s Agbami and Usan crude from commodity trader Trafigura.
- An additional 2 million barrels of Angola’s Nemba and Dalia crude supplied by Chevron.
The purchased cargoes are expected to arrive between late August and early September, supporting India’s growing fuel demand and refinery operations.
IOC Crude Purchase Breakdown
| Supplier | Crude Grade | Country of Origin | Volume Purchased |
|---|---|---|---|
| Cathay Petroleum | Kissanje | Angola | 1 million barrels |
| Trafigura | Agbami and Usan | Nigeria | 2 million barrels |
| Chevron | Nemba and Dalia | Angola | 2 million barrels |
Hindustan Petroleum Expands Imports From Brazil and Kazakhstan
Hindustan Petroleum Corporation Limited (HPCL) separately purchased approximately 3 million barrels of crude oil through its own tender process.
Trade sources indicated that HPCL secured:
- Around 2 million barrels of Brazil’s Tupi crude.
- Approximately 1 million barrels of Kazakhstan’s CPC crude.
The acquired shipments are scheduled for delivery during August and September 2026.
HPCL Crude Purchase Breakdown
| Country | Crude Grade | Volume Purchased |
|---|---|---|
| Brazil | Tupi | 2 million barrels |
| Kazakhstan | CPC | 1 million barrels |
India Continues Strategy of Diversifying Global Oil Supplies
The latest purchases demonstrate India’s ongoing strategy of sourcing crude oil from multiple regions, including Africa, South America, and Central Asia, to maintain energy security and support domestic refining capacity.
By securing supplies from countries such as Nigeria, Angola, Brazil, and Kazakhstan, Indian refiners continue to reduce dependence on any single source while taking advantage of competitive opportunities in the international crude market.
Financial details of the transactions were not immediately disclosed, and the companies have not publicly commented on the commercial agreements, consistent with their standard business practice regarding crude procurement tenders.
