HPCL plans to buy Iranian crude for the first time since 2012

NEW DELHI (Reuters) - Hindustan Petroleum Corp plans to import crude from Iran this year for the first time since 2012, its refineries head said, which could make it the first company to resume purchases since the lifting of sanctions on Tehran.

HPCL was buying 60,000 barrels per day from Iran until problems securing insurance halted imports. Iran is now emerging from the economic isolation in return for Tehran complying with steps to curb its controversial nuclear ambitions.

"There is a possibility that Iranian crude will fit in our basket in a small way," B.K. Namdeo told Reuters on Friday. "We hope insurance hurdles that forced us to halt supply will be resolved as the sanctions have been lifted."

 

(Reporting by Nidhi Verma; Editing by Subhranshu Sahu)