Home
HPCL to buy more Iraq oil on longer credit terms
Iraq, February 12, 2014
Hindustan PetroleumBSE -0.82 % Corp Ltd aims to raise crude imports from Iraq's national oil company by 8 per cent to about 65,000 barrels per day (bpd) in 2014/15 as it takes up better terms offered by Baghdad.
Iraq is offering 60 days' credit on purchases, up from 30 days previously, HPCL's director of refineries B. K. Namdeo told Reuters.
HPCLBSE -0.82 % bought 60,000 bpd from Iraq in the year ending March 31, 2014.
Iraq has also confirmed the extended credit period, which it first suggested in November, to Indian Oil Corporation (IOC) , a company source said.
IOCBSE -1.06 % has raised volumes from Iraq by 5 per cent in 2014 to 284,000 bpd.
HPCL will not be buying Iranian oil in the fiscal year to March 2015 unless reinsurance for cover on refineries is available, Namdeo added.
"This year we are not importing anything (from Iran). If the insurance issue is resolved, then only we will take Iranian oil in 2014/15," he said.
HPCL halted purchases from Iran in April after insurers did not extend coverage for processing oil from the sanctions-hit nation.
Although Iran has reached a deal with world powers over its nuclear programme which has meant the relaxation of some sanctions, insurance and reinsurance for processing its crude has not yet been addressed.
(indiatimes)
[You must be registered and logged in to see this link.]
Iraq, February 12, 2014
Hindustan PetroleumBSE -0.82 % Corp Ltd aims to raise crude imports from Iraq's national oil company by 8 per cent to about 65,000 barrels per day (bpd) in 2014/15 as it takes up better terms offered by Baghdad.
Iraq is offering 60 days' credit on purchases, up from 30 days previously, HPCL's director of refineries B. K. Namdeo told Reuters.
HPCLBSE -0.82 % bought 60,000 bpd from Iraq in the year ending March 31, 2014.
Iraq has also confirmed the extended credit period, which it first suggested in November, to Indian Oil Corporation (IOC) , a company source said.
IOCBSE -1.06 % has raised volumes from Iraq by 5 per cent in 2014 to 284,000 bpd.
HPCL will not be buying Iranian oil in the fiscal year to March 2015 unless reinsurance for cover on refineries is available, Namdeo added.
"This year we are not importing anything (from Iran). If the insurance issue is resolved, then only we will take Iranian oil in 2014/15," he said.
HPCL halted purchases from Iran in April after insurers did not extend coverage for processing oil from the sanctions-hit nation.
Although Iran has reached a deal with world powers over its nuclear programme which has meant the relaxation of some sanctions, insurance and reinsurance for processing its crude has not yet been addressed.
(indiatimes)
[You must be registered and logged in to see this link.]
