Bharat Petroleum Corp is continuing discussions with Russia’s Rosneft to buy oil under a term deal. The refiner’s head of finance said discounts on Russian oil are narrowing, and if they fall further, there would be no good advantage of taking Russian crude. BPCL is India's second-largest refiner and can use around 30%-40% of Russian oil for its three refineries with combined capacity of 726,000 BPD. Indian refiners have been heavily buying discounted Russian oil after many countries imposed sanctions on Moscow due to its invasion of Ukraine.