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India's HPCL buys Iraq Basra Light at multi-year high premium - trade

Reuters - UK Focus

SINGAPORE, May 22 (Reuters) - Indian refiner Hindustan Petroleum Corp Ltd (HPCL) has bought 2 million barrels of Basra Light (Other OTC: LGSXY - news) at the highest premium in years for the Iraqi crude, traders said on Friday.

HPCL bought the crude from BP via a tender at $1.40 a barrel above the grade's official selling price (OSP), which will load in June, they said.

The deal could not be independently verified.

Iraq cut supply of Basra Light to export more of its new heavy oil in June, causing the differentials for the two grades to head in opposite directions. (Reporting by Florence Tan; Editing by Prateek Chatterjee)