State-owned Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL) have together purchased two million barrels of Venezuelan crude oil in a spot tender, marking the first direct procurement of Venezuelan crude by Indian public sector refiners in recent years.
The oil, sourced from Venezuela’s Merey heavy crude grade, is expected to arrive at Indian ports in the coming weeks. The joint purchase allows both companies to secure competitive pricing while diversifying crude supply sources amid global market volatility.
Industry sources say the decision reflects improved diplomatic and trade relations between India and Venezuela, along with attractive pricing for heavy crude suitable for Indian refineries equipped with advanced processing units. The deal also helps reduce reliance on traditional suppliers and supports India’s energy security objectives.
Both IOC and HPCL have been actively participating in global crude tenders to optimise feedstock costs and ensure steady supplies for their refineries across the country.
This transaction highlights the continued efforts by Indian public sector oil companies to source crude efficiently and take advantage of favourable market conditions.
