Indian refiner Bharat Petroleum Corp Ltd (BPCL) announced on Monday a decrease in its reliance on Russian oil. During the July-September quarter, Russian crude accounted for 34 per cent of the company's total crude intake, down from 40 per cent in the previous quarter. The decline was attributed to scheduled maintenance shutdowns at BPCL's Bina and Kochi refineries, which are the primary processing facilities for Russian crude. Despite the reduction, India's overall imports of Russian oil increased by 11.7 per cent in September, reaching approximately 1.9 million barrels per day. This accounted for nearly 40 per cent of India's total crude imports. BPCL's finance head, Vetsa Ramakrishna Gupta revealed in an analysts' call that BPCL's three refineries have a combined processing capacity of approximately 706,000 barrels per day. Additionally, discounts on Russian oil remained stable at around $3 per barrel during the September quarter. Looking ahead, BPCL plans to invest between 180 billion and 200 billion rupees over the next two fiscal years. However, the company may spend less than the planned 164 billion rupees for the current fiscal year due to reduced investments in its city gas business. Significant increases in capital expenditure are expected in 2027-28 as BPCL embarks on new projects. Attribution: Reuters Subediting: Y.Yasser
