NaAtMaD – News and Articles that Make a Difference

News, Articles, Announcements, Reports related to Indian Economics and Corporate World

HPCL says buys first Reliance crude cargo

Posted by Yogesh on Tuesday, 11 November, 2008

NEW DELHI, Nov 11 (Reuters) – India’s state-run Hindustan Petroleum Corp has bought the first 450,000 barrel crude cargo from Reliance Industries’ east coast block in a spot deal, HPCL’s director of refineries said on Tuesday.

“We have been indicated that the first cargo will reach at our Vizag refinery between November 17-20,” M.A. Tankiwala told Reuters.

Tankiwala refused to give price details as the agreement is yet to be signed by the heads of the two firms, but sources at both companies said a deal had been agreed at a discount of $5.34 a barrel to Nigerian grade Bonny Light.

Reliance owns 90 percent of the D-6 block in the hydrocarbon-rich Krishna Godavari basin, while Canada’s Niko Resources NKO.T has the rest.

Reliance began producing oil from the block in mid-September and aims to produce gas from early next year.

HPCL runs a 110,000-bpd refinery in Mumbai and a 150,000 bpd plant at Vizag on the east coast.Source Reuters


Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: