Indian Oil Corp. and Hindustan Petroleum Corp. jointly bought a cargo of Venezuelan crude, marking a second deal on the trade by the nation’s processors after Reliance Industries Ltd. snapped up a shipment.
The country’s largest state-owned refiner and its smaller counterpart purchased 2 million barrels of Merey crude, according to people familiar with the matter, asking not to be identified speaking about confidential information. Oil will be delivered to IOC’s Paradip refinery and HPCL’s Visakhapatnam plant, they said.
The Trump administration has tapped trading giants Vitol Group and Trafigura Group to market Venezuelan oil after the US seized President Nicolás Maduro and asserted control over the nation’s energy industry. Indian private refiner Reliance Industries Ltd. recently acquired a cargo, returning to the trade after hitting pause last year following the expiry of US sanctions waivers.
IOC and HPCL didn’t immediately respond to emails seeking comment. The deal was first reported by Reuters.
India’s oil buying is under the spotlight after President Donald Trump said last week that the country had agreed to stop taking Russian crude as part of trade deal with the US. New Delhi hasn’t directly addressed the Russian oil trade in its public responses. A foreign ministry spokesperson reiterated over the weekend that energy security remained a top priority for India.
IOC and a unit of HPCL — HPCL-Mittal Energy Ltd. — last took Venezuelan oil in 2024, according to data compiled by Kpler. The processors also halted purchases after the expiry of sanctions waivers from the US.
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