July 3, 2018 / 10:47 AM / in 4 months

India's MRPL buys first Iraqi Basra Heavy crude from Shell - sources

SINGAPORE/MUMBAI (Reuters) - India’s Mangalore Refinery and Petrochemicals Ltd (MRPL.NS) has bought its first cargo of Iraqi Basra Heavy crude from Royal Dutch Shell (RDSa.L) via a tender, two sources with knowledge of the matter said on Tuesday.

FILE PHOTO: Excess gas is burnt off at a pipeline at the Zubair oilfield in Basra, southeast of Baghdad, Iraq March 3, 2016. REUTERS/Essam Al-Sudani

It bought the cargo at $1.20 below Dubai quotes on a cost and freight basis.

MRPL is likely to blend the one million barrels Basra Heavy crude, which will be delivered in September, with lighter grades so it can be processed at its refinery, one of the sources said.

MRPL and Shell declined to comment on the deal.

Reporting by Florence Tan in Singapore and Promit Mukherjee in Mumbai; editing by Manolo Serapio Jr. and Jason Neely

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