12-03-09 State-owned Hindustan Petroleum Corp Ltd (HPCL) will triple crude oil imports from Iran while reducing supplies from Iraq next fiscal year.
HPCL plans to import 3 mm tons of Iranian crude from the National Iranian Oil Co (NIOC) on term contract in 2009-10 as against the current year import of one mm tons, sources told.

Current imports from Iran are on a 30-day credit period, which, too, would be raised to 90 days in 2009-10. Sources said imports from Iraq's State Oil Marketing Organization (SOMO) will be reduced to 1.25 mm tons from 3.25 mm tons in the current year.
HPCL's total crude oil requirement for 2009-10 has been estimated at 15.50 mm tons.

Considering the availability of domestic crude oil at 4.58 mm tons (based on the 2008-09 allocation), the imported crude oil requirement is estimated to be 10.92 mm tons.
Of this, 9.38 mm tons would be imported on term contract from national oil companies while the remaining 1.54 mm tons from the spot market.