India's oil corporation seeks Azerbaijani oil import

The Hindustan Petroleum Corporation Limited (HPCL) board will consider signing crude import agreement with the State Oil Company of Azerbaijan Republic (SOCAR), K Murali, Director Refineries, Hindustan Petroleum Corporation Ltd., told The Economic Times.

"The Azerbaijani company has come forward to supply crude and the proposal will be taken up with the HPCL Board," he said.

Murali said negotiations with SOCAR are already underway. If everything goes well, import of crude oil may start from this year, he said.

"The Azeri crude is also economical for us. Rate is also competitive. That is the reason we may prefer," he explained.

It should be noted that State Oil Company of India Indian Oil Corporation (IOCL) started importing oil from Azerbaijan already in January.

SOCAR is the only producer of oil products in the country (it has two refineries on its balance sheet) and also owns petrol stations in Azerbaijan, Georgia and the Ukraine. Last year SOCAR purchase network of gas filling stations in Switzerland. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim. The company carries out oil trade in various regions of the world through SOCAR Trading.

SOCAR includes the Azneft production association (the companies producing oil and gas on and offshore), the Azerkimya industrial association (chemical enterprises) and Azerigaz industrial association (gas distribution).


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