News ID: 152141
Published: 0721 GMT May 27, 2016

HPCL starts processing Iran oil payments

HPCL starts processing Iran oil payments

Hindustan Petroleum Corporation Ltd. (HPCL) has received clarity from India's central government to clear its $23 million oil dues to Iran.

The company's Chairman and Managing Director M K Surana, said that it has already started the process to clear $17.5 million of dues and it will clear the same through Turkey-based Halkbank, reported.

The company is also in talks to source 2 million tons per annum of crude from Iran through a term contract. This will be utilized by both HPCL and the HPCL Mittal Energy Ltd. refinery in Bhatinda.

HPCL alone imports 12 million tons of crude oil annually. The last time it sourced crude oil from Iran was two years ago.

Surana was speaking to reporters while announcing the fiscal 2015-16 fourth quarter results.

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