BPCL Turns to West Asia as Russian Supply Declines

State-run Bharat Petroleum Corporation Limited (BPCL) is turning to West Asian crude to compensate for a shortage of Russian oil, its Head of Finance, Vetsa Ramakrishna Gupta, told Reuters. The refiner is struggling to secure 8 to 10 million barrels of Russian crude for January with Russian oil now accounting for around 35% of BPCL’s refining needs. To meet the gap, BPCL is buying oil from West Asian countries, including Oman, and may explore further alternatives like West Texas Intermediate (WTI) crude. BPCL also plans to invest $19.94 billion in the next five years to expand its refinery and oil projects in Mozambique and Brazil.