India`s Hindustan Petroleum could Buy 0.9 mln Tonnes of Iran Oil

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India’s Hindustan Petroleum Corp could buy 0.9 million tonnes of Iran oil in its 2018 19 financial year. said Vinod S Shenoy. the company’s director of refineries. Trend reports referring to Reuters.  

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

Surana said the company will buy about 4.5 million tonnes of Iraqi crude oil in 2019. the same as last year.

For the December 2018 quarter. HPCL posted a gross refining margin (GRM) 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 34.65 billion rupees ($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.