ECONOMY


Indian corporation intends to import oil from Azerbaijan

Baku, May 12 (AzerTAc). State-run Hindustan Petroleum Corp aims to sign its first-ever annual import deal to buy 10,000 barrels per day (bpd) of oil from Azerbaijan’s national oil company SOCAR, a source with knowledge of the deal said on Wednesday.
The Hindustan Petroleum Corporation Limited (HPCL) board will consider signing crude import agreement with the State Oil Company of Azerbaijan Republic (SOCAR), K Murali, Director Refineries, Hindustan Petroleum Corporation Ltd., told.
Indian Oil Corp, the country’s biggest oil importer, began buying 20,000 bpd oil from SOCAR earlier this year under an annual deal for its subsidiary Chennai Petroleum Corp, according to two industry sources.
SOCAR is the only producer of oil products in the country (it has two refineries on its balance sheet) and also owns petrol stations in Azerbaijan, Georgia and the Ukraine. Last year SOCAR purchased network of gas filling stations in Switzerland. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim. The company carries out oil trade in various regions of the world through SOCAR Trading.
SOCAR includes the Azneft production association (the companies producing oil and gas on and offshore), the Azerkimya industrial association (chemical enterprises) and Azerigaz industrial association (gas distribution).
 

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