Energy Risk interview: Bharat Petroleum's hedging programme

A refined view on hedging

Pipelines refinery

One of the largest companies operating within the energy sector in India, Bharat Petroleum Corporation Limited (BPCL), has a total refining capacity of 610,000 barrels per day. Headquartered in Mumbai, the company sold 31.48 million metric tons of crude products in the 2011–12 fiscal year. In order to protect its refinery margins against volatility in energy markets, BPCL has engaged in energy derivatives trading for the past seven years as part of a corporate hedging programme.

RK Mehra, execut