India will be receiving the first cargo of crude oil from the Caspian Sea region with Bharat Petroleum Corporation Ltd (BPCL) having contracted to buy 600,000 barrels of Azeri crude oil from British Petroleum, official sources said Friday.

"We will be getting the cargo Azeri Light crude in October end or early November for processing at Mumbai Refinery," sources said.

"The price of the Azeri crude will be pegged to the Brent crude and the price will be decided on the prevailing rate at the time of delivery," the official said.

Keen to ensure energy supplies, India is seeking to widen the market from where it can get crude. India depends on imports for 70 percent of the domestic crude oil requirement.