Mangalore Refinery and Petrochemicals (MRPL) has reportedly made its first purchase of Brazil’s Ostra crude. It bought a 900,000-barrel cargo for loading in the second half of August from Shell. The pricing is at a discount of about $1 a barrel to dated Brent on a delivered basis. The purchase is another sign that India is looking to diversify away from its traditional heavy consumption of Middle Eastern crude oil.
MRPL, a subsidiary of state-run exploration firm Oil and Natural Gas Corporation (ONGC), runs a coastal refinery in southern Karnataka state with a capacity of 300,000 bpd.
