Indian companies are importing significant volumes of petroleum coke from Venezuela for the first time, trade sources and shipping data show, as the OPEC nation boosts exports not specifically targeted by U.S. sanctions.
India’s growing appetite for Venezuela’s petcoke is being driven by a scramble for inexpensive fuel to power industries as global coal prices have surged.
Indian cement firms imported at least four cargoes carrying 1,60,000 tonnes of petcoke from April to July, according to three trade sources, Refinitiv shiptracking data and Venezuelan shipping schedules.
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