The Hindustan Petroleum Corporation (HPCL) is planning to sign crude import agreement with the State Oil Company of Azerbaijan Republic (SOCAR). As per the deal, Azerbaijani company is likely to supply crude and the proposal will be taken up with the HPCL Board.
The company’s move to import crude from the CIS nation indicates the oil PSU’s intention to diversify its sources of crude oil imports and to reduce its dependence on any particular region, particularly in the wake of sanctions imposed by the US and EU on Iran. The initial quantities from Azerbaijan will be in the range of 0.5 million tonnes, adding that if everything goes well the quantity can be increased.
The Azeri crude is also economical for the company. Another state-owned oil company, Indian Oil Corporation (IOC) has also started importing from Azerbaijan from January.
Company Name | CMP |
---|---|
Reliance Industries | 2939.45 |
Indian Oil Corp. | 164.10 |
BPCL | 600.10 |
HPCL | 523.55 |
MRPL | 205.45 |
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