State-run Hindustan Petroleum Corporation Ltd (HPCL) is entering a new phase, with Oil and Natural Gas Corporation (ONGC) expected to take over the firm by March-end. In an interview, HPCL Chairman and Managing Director M K Surana tells Shine Jacob & Jyoti Mukul about the recent spurt in global crude oil prices, acquisition of the Mangalore Refinery and Petrochemicals Ltd (MRPL) and the company’s expansion plans. Edited excerpts:
Crude oil prices have been volatile. How do you think they would pan out in the coming months?
In the past 7-10 days, crude oil has moved drastically. In the past two weeks, it has moved from $57 to $65 and then again to $63. There are some triggers like tension in Saudi Arabia, Iraq, the crisis in Venezuela, the perception about inflationary pressure in the US, and the pending Organization of the Petroleum Exporting Countries meeting in November. The level of compliance on OPEC cuts has been good. Read More…
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