Mangalore Refinery and Petrochemicals (MRPL) is seeking additional 23,000 barrels per day (bpd) of crude oil supply from Saudi Aramco during April in order to compensate for the reduction in import from Iran.
MRPL plans to stop oil imports from Iran in April if insurance cover is not available for their refineries. Indian insurance companies said they would not cover refineries processing Iranian crude oil as they have difficulty getting reinsurance from European companies.
MRPL has already raised its annual contract to 55,000 bpd from Saudi Aramco for the fiscal year ending March 31, 2014, reports indicate.
Meanwhile, Hindustan Petroleum Corp (HPCL) is said to be seeking more crude oil supply from Iraq to replace Iranian oil.
HPCL doesn’t want a firm contract with Iran for 2013-14 but wants an option to take up 20,000 bpd, about 57 percent lower than last year, reports indicate.
In 2013-14, HPCL plans to import 60,000 bpd oil from Iraq’s state Oil Marketing Organisation (SOMO), up from about 45,000 bpd in 2012-13.
The company may also procure 40,000 bpd Basrah crude oil from Total, reports suggest. Indian Oil Corp, the country’s biggest refiner, plans to ship in two million barrels of oil from Iran this month. IOC’s refinery insurance policy is not due for renewal until November, leading media reports suggest.
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