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Indiaian BPCL to buy Iranian oil in Feb after 3-month gap

February 06/2020

MOSCOW (MRC) -- State-run Bharat Petroleum Corp will import 1 million barrels of Iranian oil in February after a gap of three months, with the nations overall purchases from Tehran remaining at 9 million barrels, reported Reuters with reference to three industry sources' statement.

The United States in early November granted India a six-month waiver from sanctions on Irans oil exports.

Under the agreement, New Delhi must restrict its Iranian oil purchases to 1.25 million tonnes, or 9 million barrels.

BPCL and Hindustan Petroleum Corp will lift 1 million barrels each of Iranian crude oil in February, the sources said. HPCL this month resumed purchases of Iranian oil after a gap of six months. The company halted Iranian oil purchases in July after its insurance company refused to provide cover for the crude because of US sanctions, although its chairman said HPCL may resume buying Iranian oil under sanctions waivers.

Indian Oil Corp, the countrys top refiner, will lift 5 million barrels of Iranian oil in February, the same as this month. Mangalore Petrochemicals Ltd will buy 2 million barrels compared with 3 million barrels this month, the sources said.

An IOC official had previously said his firm would lift 180,000 bpd - the full volume contracted under an annual deal with Iran for this fiscal year ending March 31, 2019.

India recently exempted rupee payments to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, paving way for pending dues to be cleared.

HPCL, IOC and BPCL did not immediately respond to requests for comment, while MRPL declined comment.

As MRC informed previously, BPCL plans to set up a petrochemicals unit at its Bina refinery in Madhya Pradesh as part of its Rs25,000 crore expansion plan for the refinery. The petrochemical unit, which will include a 1.5 mln tpa naphtha cracker, is expected to cost Rs6,000-7,000 crore.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,904,410 tonnes in the first eleven months of 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments increased from both domestic producers and foreign suppliers. The PP consumption in the Russian market was 1,161,830 tonnes in January-November 2019, up by 7% year on year. Deliveries of all grades of propylene polymers increased, with the homopolymer PP segment accounting for the largest increase.

Bharat Petroleum Corporation Limited (BPCL) is an Indian state-controlled oil and gas company headquartered in Mumbai, India. Bharat Petroleum owns refineries at Mumbai, Maharashtra and Kochi, Kerala (Kochi Refineries) with a capacity of 12 and 9.5  million metric tonnes per year.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP random copolymer, propylene, ethylene, petrochemistry, Bharat Petroleum, HPCL, Indian Oil Corp, India, Iran, Russia, USA.
Category:General News
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