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.
($1 = 71.5700 Indian rupees)