NEW DELHI, Feb 11 (Reuters) - India’s Hindustan Petroleum Corp Ltd aims to raise crude imports from Iraq’s national oil company to about 65,000 barrels per day (bpd) in 2014/15 and Baghdad is offering better terms, its director of refineries said on Tuesday.
B. K. Namdeo said Iraq was offering 60 days’ credit on purchases, up from 30 days previously. HPCL bought 60,000 bpd from Iraq in the year ending March 31, 2014.
HPCL has no plans to buy Iranian oil in the fiscal year to March 2015 unless reinsurance for cover on refineries is available, Namdeo added at a press conference for its quarterly results.
“This year we are not importing anything (from Iran). If the insurance issue is resolved, then only we will take Iranian oil in 2014/15,” he said.
HPCL halted purchases from Iran in April after insurers did not extend coverage for processing oil from the sanctions-hit nation.
Reporting by Nidhi Verma; Editing by Jo Winterbottom