According to a report by Reuters, India’s state-owned Hindustan Petroleum Corp Ltd plans to increase its yearly oil import agreement with Iraq to 100,000 barrels per day (bpd) in 2025, which would represent a 43% increase from this year.
According to the report, HPCL has an annual agreement to purchase 70,000 barrels of Iraqi oil per day in 2024.
As it activates certain residue upgrade units at its 274,000 bpd Vizag refinery in Southern India, the company’s imports of crude oil are expected to increase in the upcoming year. To reach 300,000 bpd, the refinery is being expanded.
In western India, HPCL also runs the Mumbai refinery, which produces 190,000 barrels per day.
By the end of December or the beginning of next year, it also plans to begin operations at its 180,000 bpd Barmer refinery in Rajasthan, a desert state in India.