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Date :
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28-Mar-2009
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Subject :
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HPCL to triple crude oil import from Iran
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HPCL plans to import three million tonnes of Iranian crude from National Iranian Oil Co (NIOC) on term contract in 2009-10 as against the current year import of one million tonnes, sources said on Saturday.
Hindustan Petroleum Corp will ship in 60,000 bpd of Iranian crude in the year beginning April after National Iranian Oil Co (NIOC) increased the credit period to 90 days, a company source said. NIOC normally gives 30 days credit on its crude exports.
"Our term imports will be same as last year at about 11 million tonnes (220,000 bpd). The only change is that we have improved Iran volumes and accordingly reduced Iraq's Basrah light," the source said.
HPCL has compact the Iraq's Basrah Light crude volumes to 25,000 bpd from the previous year's 65,000 bpd after a review of its crude import strategy, the source said.
Another state refiner, BPCL sees a marginal decline in its annual term crude volumes as it may not buy Iranian crude in the next fiscal.
"We were buying small volume of 5,000 bpd, but next year we may not buy that because of operational problems and fewer margins. It was not proving good in our system", said a BPCL official.
A BPCL spokesman said the firm's annual crude import approach is "confidential", while no comment was available from HPCL.
BPCL has entered into a 6 month agreement to buy 10,000 bpd Al-Shaheen grade from Qatar Petroleum but it aims to buy another 5,000 bpd during October-March.
"We plan to keep Al-Shaheen volumes at this year's level of 0.75 million tonnes (15,000 bpd)", the source said.
Source: economictimes.com
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