The Azerbaijan State News Agency

ECONOMY

Indian company negotiates with SOCAR on oil purchase

13.05.2012 [13:16]
Print
A⁺ A^-

Baku, May 13 (AZERTAC). The 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.

“Discussions are on with SOCAR. We have not finalised the deal size yet. Their rates are competitive,” K. Murali told Reuters.

HPCL will be the second Indian refiner this year to aim for a deal with SOCAR, whose Azeri Light crude suits most Indian plants.

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.

HPCL operates a 166,000 bpd refinery at Vizag in southern India and a 130,000 bpd plant in Mumbai, in western India.