HPCL aims to process Iranian oil if insurance issues resolved

NEW DELHI (Reuters) - Hindustan Petroleum Corp plans to process 20,000 barrels per day of Iranian oil in the fiscal year ending March 31 if issues in getting insurance for processing oil from Tehran are resolved, its finance head K.V. Rao said on Monday.

HPCL had stopped purchases from Iran due to difficulties in getting insurance cover for refineries processing Iranian oil, forcing New Delhi to look at providing its own reinsurance after European firms backed out over Western sanctions.

B.K. Namdeo, head of refineries for HPCL, said the company plans to buy 30,000-40,000 barrels per day of Nigerian oil this fiscal year through the spot market.

 

(Reporting by Nidhi Verma; editing by Mayank Bhardwaj)