Iran Economy NewsHPCL hopes Iran oil payments dispute resolved by end-Mar

HPCL hopes Iran oil payments dispute resolved by end-Mar

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Reuters: Indian state-run refiner Hindustan Petroleum Corp (HPCL) is hoping the government can resolve a payments dispute for oil with Iran by the end of March, its head S. Roy Choudhury said on Friday.

NEW DELHI Feb 25 (Reuters) – Indian state-run refiner Hindustan Petroleum Corp (HPCL) is hoping the government can resolve a payments dispute for oil with Iran by the end of March, its head S. Roy Choudhury said on Friday.

Finance Minister Pranab Mukherjee had earlier said the government would expedite clearance of payments.

Choudhury also told reporters that the company planned to raise capacity at its Vizag refinery by 9 million tonnes by fiscal year 2016/17.

HPCL runs a 166,000 barrels per day (bpd) refinery at Vizag and a 130,000 bpd plant in Mumbai. (Reporting by Nidhi Verma; writing by Jo Winterbottom; editing by Malini Menon)

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