Hindustan Petroleum Says Could Buy 0.9 Million Tons of Iran Oil

India’s Hindustan Petroleum Corporation Limited could buy 0.9 million tons of Iran oil in its 2018/19 financial year, said Vinod S Shenoy, the company’s director of refineries.

HPCL bought 0.7 million tons of Iranian oil from April 2018 to February 2019, Chairman M K Surana said.

Surana added that the company will buy about 4.5 million tons of Iraqi crude in 2019, the same as last year, Reuters reported.

For the December 2018 quarter, HPCL posted a gross refining margin of $3.72 a barrel, against $9.04 in the same period a year earlier.

For the December quarter, the company posted an inventory loss of $484.14 million due to a fall in crude oil prices.

Surana said HPCL will complete the construction of its proposed 180,000 barrels per day refinery in western India by October 2022.

India is in talks with the United States to extend a waiver on sanctions imposed on Iran’s crude oil exports, a senior Indian official said.

India, Iran’s second-biggest oil customer after China, has already reduced its intake of Iranian oil but has not decided whether to end purchases completely.

“We are talking to the US on energy related aspects, including the waiver from sanctions. It is a continuous process,” said Sanjay Sudhir, joint secretary for international cooperation in the oil ministry.

News No: 3586
Date: 2019/02/07 - 14:41
News Source: Financial Tribune

Hindustan  Petroleum  Oil  HPCL  US sanctions 


Leave a Comment:


Iran Self-Sufficient in Gasoline Production: Oil Minister

Iranian Oil Minister Bijan Zangeneh said the country has reached self-sufficiency in producing gasoline.

US sanctions pull plug on Citgo Aruba project

A $1.1bn Venezuelan project to refurbish a mothballed refinery on the Dutch-controlled island of Aruba has derailed because of US sanctions on national oil company PdV.

Oil Market Forecasters Bearish on 2019

The three most closely watched oil market forecasters are all bracing for a significant upsurge in non-OPEC supply growth in 2019 but differ on the extent that global oil supply will outweigh demand.

India Advises Refiner to Avoid US System for Venezuela Crude Purchase

India has asked one buyer of Venezuelan oil to consider paying the South American nation’s national oil company PDVSA in a way that avoids the US financial system, an Indian government source said, after Washington imposed fresh sanctions on Venezuela last month.

Brent Briefly Touches $65

Brent crude oil briefly reached 2019 highs above $65 per barrel on Friday, as OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week encouraged investors.

South Korea Resumes Iran Oil Import

South Korea resumed imports of Iranian oil in January after a four-month hiatus, customs data showed on Friday, but shipments were down 76% from the same month last year.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners