HPCL to buy Iranian oil in Jan after six-month gap: sources


HPCL to buy Iranian oil in Jan after six-month gap: sources

State-run Indian oil refiner Hindustan Petroleum Corp (HPCL.NS) will buy Iranian crude in January after a gap of six months, with the nation’s overall purchases from Tehran at 9 million barrels in the month, four industry sources said.

The United States in early November granted India a six-month waiver from sanctions against Iran’s oil exports. Under the agreement, New Delhi must restrict its Iran oil purchases to 1.25 million tonnes, or 9 million barrels.

As part of the deal, HPCL will lift 1 million barrels of Iranian crude oil in January, one source with knowledge of the matter said, asking not to be named due to the political sensitivity of Iran sanctions. Read More

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