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Market Chatter: India's Hindustan Petroleum Secures 2 Million Barrels of Nigeria Crude Via Glencore

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Indian majority state-owned energy company Hindustan Petroleum has secured two million barrels of Nigerian crude for its 180,000 barrel-per-day refinery in Rajasthan state, Reuters reported Tuesday, citing trade sources.

The company purchased the Okwuibome and Utapate grades via a tender offer from trader Glencore for the HPCL Rajasthan Refinery, which is 74% owned by HPCL, with Rajasthan government owning the remaining interest, the report said.

The crude is expected to arrive late next month.

Glencore declined anrequest for comments, while HPCL did not immediately respond.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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