Goa, State-owned Bharat Petroleum Corporation Limited (BPCL) and global commodities major Trafigura have signed a strategic crude oil supply agreement during India Energy Week.
Under the deal, Trafigura will supply Iraqi Basrah and Oman crude oil to BPCL on a term basis, with deliveries set to commence in April 2026, the trader said in a statement.
It, however, did not give quantities BPCL has signed for.
This represents the first-ever Basrah crude import contract for BPCL, marking a milestone in the company’s procurement strategy and strengthening India’s energy security.
Manoj Heda, Executive Director, International Trade at BPCL, said: “This competitively priced term contract strengthens our crude oil procurement strategy and enhances India’s energy security. By leveraging market opportunities, we ensure a reliable and cost-effective supply of crude oil for our refining system, which is crucial to meeting the nation’s growing energy demands.”
Sachin Gupta, CEO of Trafigura India, added: “We are delighted to be supplying BPCL under this agreement. Trafigura’s global reach, supply chain capabilities, and market expertise allow us to source the crude oil BPCL needs for its refining requirements and growing consumer base in India. The agreement supports Trafigura’s growing role in supplying natural resources to India to support ongoing economic growth and increasing energy demand.”
Trafigura is a global commodities group, employee-owned and over 30 years old. Its operations span oil and petroleum products, metals and minerals, gas, and power, leveraging global logistics, market expertise, and infrastructure.
