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News Brief | March 2014

HPCL to buy more Iraqi oil on longer credit terms

Hindustan Petroleum Corp Ltd aims to raise crude imports from Iraq's national oil company by 8 per cent to about 65,000 barrels per day (bpd) in 2014-15 as it takes up better terms offered by Baghdad. Iraq is offering 60 days' credit on purchases, up from 30 days previously, HPCL's director of refineries BK Namdeo said. HPCL bought 60,000 bpd from Iraq in the year ending 31 March 2014. Iraq has also confirmed the extended credit period, which it first suggested in November, to Indian Oil Corporation (IOC)
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