Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. India
  4. NSE India Stock Exchange
  5. Bharat Petroleum Corporation Limited
  6. News
  7. Summary
    BPCL   INE029A01011

BHARAT PETROLEUM CORPORATION LIMITED

(BPCL)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Indian Oil Corp buys its first Johan Sverdrup crude cargoes - sources

04/05/2021 | 05:30am EDT
A logo of Indian Oil is picture outside a fuel station in New Delhi

SINGAPORE/NEW DELHI (Reuters) - State-run refiner Indian Oil Corporation (IOC) has made its first purchase of Norway's Johan Sverdrup crude, buying four million barrels via a tender as it speeds up diversification of crude imports, two trade sources told Reuters on Monday.

IOC will take delivery of two million barrels of the North Sea crude in each of May and June, one of the sources said. Further details on the trades were not yet clear.

The move follows the Indian government's call to cut dependence on crude from the Middle East in an escalating stand-off between India, the world's third-largest crude importer, and Saudi Arabia, the de-facto leader of the Organization of Petroleum Exporting Countries (OPEC).

India complains that long-running OPEC production cuts have created uncertainty for customers and led to a surge in prices, creating fiscal challenges for a country where heavily-taxed retail fuel prices recently touched record highs, threatening an economic recovery.

Indian state refiners - top refiner IOC, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd - are planning to cut oil imports from Saudi Arabia by about a quarter in May, Reuters reported in March.

Oil from Johan Sverdrup, the largest North Sea discovery in more than three decades, started to flow to Asia's top oil importers in late 2019, with India's Reliance Industries Ltd among its first takers.

While the grade has gained popularity among Chinese independent refineries, it has rarely been supplied to India, trade flows data on Refinitiv Eikon show.

India last discharged a 1-million-barrel cargo of Johan Sverdrup crude in September 2020, the data show.

Chinese refiners have slowed crude purchases in the spot market amid seasonal refinery maintenance and a large influx of Iranian oil, pressuring global oil sellers.

Indian refiners, meanwhile, are looking at crude from the United States, West Africa, South America and the Mediterranean as alternative options as they diversify away from Middle Eastern oil, trade sources say.

Last month, HPCL-Mittal Energy loaded India's first cargo of Guyana's Liza light sweet crude.

Another state refiner, BPCL, bought three million barrels of U.S. light sweet grades, including West Texas Intermediate Midland and Eagle Ford, for arrival in May, a trade source said.

(Reporting by Shu Zhang in Singapore and Nidhi Verma in New Delhi. Editing by Alison Williams and Mark Potter)

By Shu Zhang and Nidhi Verma


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHARAT PETROLEUM CORPORATION LIMITED -0.16% 408.1 Delayed Quote.7.26%
HINDUSTAN PETROLEUM CORPORATION LIMITED 0.56% 232.7 Delayed Quote.6.20%
INDIAN OIL CORPORATION LIMITED -0.34% 87.8 Delayed Quote.-3.13%
MANGALORE REFINERY AND PETROCHEMICALS LIMITED 3.64% 37 End-of-day quote.4.37%
RELIANCE INDUSTRIES LTD -0.03% 1901.15 Delayed Quote.-4.21%
All news about BHARAT PETROLEUM CORPORATION LIMITED
04/19AIR PRODUCTS AND CHEMICALS  : Gets Second Syngas Supply Contract From India's Bh..
MT
04/13BHARAT PETROLEUM  : Ropes in Accenture to Digitally Transform Sales, Distributio..
MT
04/06EXCLUSIVE : Indian refiners deepen cuts to Saudi oil purchases in May - sources
RE
04/06Indian refiners deepen cuts to Saudi oil purchases in May -sources
RE
04/05Indian refiners deepen cuts to Saudi oil purchases in May - sources
RE
04/05Indian Oil Corp buys its first Johan Sverdrup crude cargoes - sources
RE
04/05Indian Oil Corp buys its first Johan Sverdrup crude cargoes - sources
RE
04/01India's March petrol sales up 27.4% y/y; diesel up 28.6% y/y
RE
03/26Oil India, Engineers India to Buy Bharat Petroleum's Stake in Numaligarh Refi..
MT
03/25BHARAT PETROLEUM CORPORATION LIMITED : Ex-dividend day for interim dividend
FA
More news
Financials
Sales 2021 2 184 B 29 086 M 29 086 M
Net income 2021 93 799 M 1 249 M 1 249 M
Net Debt 2021 573 B 7 631 M 7 631 M
P/E ratio 2021 9,91x
Yield 2021 6,67%
Capitalization 887 B 11 841 M 11 809 M
EV / Sales 2021 0,67x
EV / Sales 2022 0,53x
Nbr of Employees 11 249
Free-Float 36,4%
Chart BHARAT PETROLEUM CORPORATION LIMITED
Duration : Period :
Bharat Petroleum Corporation Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BHARAT PETROLEUM CORPORATION LIMITED
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 31
Average target price 505,17 INR
Last Close Price 408,75 INR
Spread / Highest target 43,1%
Spread / Average Target 23,6%
Spread / Lowest Target 0,31%
EPS Revisions
Managers and Directors
NameTitle
Padmakar Kappagantula Chairman, Managing Director & Director-HR
Neelakantapillai Vijayagopal Finance Director & Executive Director
R. Narayanan Executive Director-Information Systems
S. Bhargava Executive Director-Research & Development
Y. V. Apte Executive Director-Engineering & Projects
Sector and Competitors
1st jan.Capitalization (M$)
BHARAT PETROLEUM CORPORATION LIMITED7.26%11 841
EXXON MOBIL CORPORATION37.02%239 109
CHEVRON CORPORATION22.27%199 091
RELIANCE INDUSTRIES LTD-4.21%161 250
BP PLC18.07%85 287
CHINA PETROLEUM & CHEMICAL CORPORATION23.05%78 917