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.