Summary
Bharat Petroleum Corp plans to become the first Indian state refiner to open a trading unit in Singapore to take advantage of new crude import rules to buy cheaper oil and get better terms from producers. The move also underscores the growing clout of the world’s third-largest oil-consuming country and its desire to diversify import streams. BPCL, India’s No.2 state refiner, wants to exploit the shifting dynamics of the international oil trade caused by a supply glut to boost its margins. India this month began allowing state refiners — which control two-thirds of the country’s 4.6 million barrels per day (bpd) in refining capacity — to set their own crude import policy, freeing them fr......