Mumbai, May 09 (PW News): Hindustan Petroleum Corporation Ltd (HPCL) may enter into a crude oil import agreement with the state-run oil company of Azerbaijan Republic (SOCAR). “The Azerbaijani company has come forward to supply crude and the proposal will be taken up with the HPCL Board,” said K Murali, Director Refineries, Hindustan Petroleum Corporation Ltd.

HPCL’s plan to import crude oil from the CIS nation indicates the company’s decision to diversify its sources, by reducing its dependency from any particular region.

Another state run major, Indian Oil Corporation, also imports crude oil from Azerbaijan. “Imports from Azerbaijan are in the range of 20,000 barrels a day,” informed an official from IOCL.

PW News Bureau