India’s HPCL to boost Iraqi oil imports by 45% in 2022: report

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The refiner will buy 3.2 million tonnes or about 64,000 barrels per day (bpd) from Iraq this year, up from 44,000 bpd in 2021.



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In the last quarter of 2021, HPCL increased capacity at its Mumbai refinery to 190,000 bpd.

India’s state refiner Hindustan Petroleum Corp will extract 45% more oil from Iraq this year to meet its increased refining capacity, people familiar with the matter said. The refiner will buy 3.2 million tonnes or about 64,000 barrels per day (bpd) from Iraq this year, up from 44,000 bpd in 2021, they said.

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Iraqi public distributor SOMO and HPCL did not immediately respond to Reuters request for comment. Iraq is India’s top oil supplier, and the surge in HPCL purchases will further boost the Middle Eastern nation’s share in Indian markets.

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HPCL aims to complete a bottom-up modernization project at the Vizag refinery by the end of the year.

As OPEC’s second-largest oil producer, Iraq will be able to increase exports by up to 250,000 bpd from the second quarter after completing the installation of pumping stations at its Gulf ports, a source says Iraqi oil.

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Last year, HPCL chairman MK Surana said the company’s high-sulphur crude oil imports would increase after it expanded its 166,000 bpd plant at its Vizag plant to 300,000 bpd. by March of this year.

It aims to complete a bottom-up modernization project at the Vizag refinery by the end of the year.

In the last quarter of 2021, HPCL increased capacity at its Mumbai refinery to 190,000 bpd.

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