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Bharat Petroleum
OrganisationIN

Bharat Petroleum

Indian state oil refiner and marketer with Gulf crude exposure; mentioned in OFAC/India sanctions context.

Last refreshed: 21 April 2026

Key Question

Is Bharat Petroleum exposed to US sanctions risk after the OFAC designation of Indian shipping firms?

Timeline for Bharat Petroleum

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Common Questions
Is Bharat Petroleum at risk from US Iran sanctions?
BPCL faces indirect risk. OFAC designated Indian shipping intermediaries connected to Iranian crude, and any purchases through those intermediaries would expose BPCL to secondary sanctions.Source: US Treasury OFAC

Background

Bharat Petroleum Corporation Limited (BPCL) is one of India's three Major state-owned oil refining and marketing companies, alongside Indian Oil Corporation and Hindustan Petroleum. It operates refineries at Mumbai and Kochi and distributes petroleum products across India through a large retail network. BPCL has been a buyer of Iranian crude in periods when sanctions waivers permitted, and its Mumbai refinery sits within the same metropolitan zone as Navi Mumbai, where OFAC-designated Fleet Tanqo Private Limited is registered.

India's state refiners collectively depend on the Strait of Hormuz for the majority of their crude supply. The 2026 IRGC attacks on Indian-flagged tankers and the OFAC designation of Indian shipping intermediaries connected to Iranian crude flows have created a compliance and supply chain risk for BPCL alongside the other state refiners.

The company's exposure is primarily indirect: OFAC's action targeted intermediary shipping entities rather than BPCL itself. However, the designation signals that the US is prepared to enforce sanctions through the Indian supply chain, and any refiner purchasing Iranian crude through designated intermediaries would face secondary sanctions risk.