State run Bharat Petroleum Corporation Limited has planned to increase oil imports from Saudi Arabia by 27% during the financial year 2012-13 in order to compensate the reduction of oil imports from Iran.
The company is likely to increase the crude imports from Saudi to 152,000 barrels per day in the next fiscal year for 120,000 barrels per day in this fiscal year. Meanwhile, the company may reduce Iranian crude imports by 50% to 10,000 barrels per day in 2012-13.
Earlier, HPCL and Mangalore refinery have up lifted the crude oil import form Saudi for 2012-13. State-run refiner HPCL has announced to cut Iran imports by about 15% to 60,000 barrels per day for its annual contract while private refiner Essar oil is sticking to 100,000 barrels per day
Indian firms have been paying for their crude imports from Iran through Turkey's Halkbank in euros since the middle of 2011. Halkbank has since refused to open an account for BPCL
The shares of BPCL were up by 3.03% to Rs.632.10 per share during the last trade on BSE. The scrip has touched a day high of Rs.638.50 per share and a day low of Rs.611.95 per share in the trade so far.
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