HPCL winds down Iran oil supply as US-led sanctions inch closer


HPCL winds down Iran oil supply as US-led sanctions inch closer

Hindustan Petroleum Corporation Ltd (HPCL) does not have any more oil purchases from Iran at least till November as the trigger date for the US-led sanctions inches closer.

Responding to the queries on the steps being taken to mitigate the impact of the US sanctions on Iran on Indian oil importers, HPCL Chairman and Managing Director MK Surana said: “The issues are being discussed at the diplomatic level with Iran. It is a developing situation right now. The date is November 4, but in the meantime, everything keeps changing in diplomacy.”

The US has imposed the sanctions from November 4, threatening companies to fully wind down activities with Iran or risk exclusion from the American financial system.

This has led to insurers refusing to extend their services to crude oil tankers directed from Iran. HPCL had to cancel a consignment last month. Read More

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