HPCL in talks to buy Syrian crude

HPCL in talks to buy Syrian crude

“We are in talks with a Syrian party. But, there are lots of issues involved, including transportation," S. Roy Choudhury told reporters at the India-Africa Hydrocarbons conference.

Sanctions aimed at crude oil exports have warded off normal buyers of Syrian crude, which mainly flowed to Europe, causing storage tanks to brim and forcing cuts.

Syria produced around 350,000 barrels per day (bpd) before the unrest of which about a third was exported.

HPCL expects to process 16 million tonne of crude in the current fiscal year ending in March 2012 and the state-run refiner plans to invest 450 billion ($8.69 billion) until 2016/2017 in strengthening refining capacities, Choudhury said.

HPCL operates a 130,000 bareels per day (bpd) refinery at Mumbai on the west coast and a 166,000 bpd at Visakhapatnam on the east coast.