State-owned Hindustan Petroleum Corporation (HPCL) is likely to purchase crude oil from Syrian property of ONGC Videsh (OVL) after the European Union imposed an embargo on oil imports from the African nation.
The company is trying to find a ship for carrying Syrian crude along with the insurance for the ship. If logistics work out, HPCL can take up to 2 million tonnes of Syrian crude. European Union (EU) countries imposed sanctions on Syria on September 3 after which European countries having contracts with Syria have stopped importing Syrian crude oil.
The company reported a net loss of Rs 3364.48 crore for the second quarter of the current fiscal as compared to the net profit of Rs 2089.61 crore for the corresponding quarter of the last year. The company’s net sales has increased 20.58% at Rs 37030.23 crore for the quarter under review as compared to Rs 30709.73 crore for the second quarter of the previous year.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1365.10 |
| Indian Oil Corp. | 145.85 |
| BPCL | 312.05 |
| HPCL | 370.95 |
| MRPL | 183.20 |
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