India's Hindustan Petroleum says could buy 0.9 mln T of Iran oil this year

TEHRAN, Feb. 06 (MNA) – 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.

HPCL bought 0.7 million tonnes of Iranian oil from April 2018 to February 2019, Chairman M K Surana was quoted by Reuters as saying on Wednesday.

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. ($1 = 71.5700 Indian rupees), according to Reuters. 

MNA/PR

News Code 142291

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