MOSCOW (MRC) -- Bharat Petroleum Corporation Ltd (BPCL) said on Thursday it can buy up to 2 million tons of crude oil from Iran if sanctions are lifted and terms are attractive, according to IranOilGas.
BPCL Director (Finance) N Vijayagopal said his company used to buy 2 million tons a year of crude oil from Iran before sanctions halted imports. BPCL bought 1.15 million tons of crude from the US in the last financial year, he said adding it would not be possible to replace dependence on the Middle East in the long run.
India stopped importing oil from Iran in mid-2019 following sanctions on the Persian Gulf nation by the Trump administration.
Indian Oil Corporation (IOC), the nation’s largest oil firm, and Hindustan Petroleum Corporation Ltd (HPCL) too had earlier this month expressed hope of resuming oil imports from Iran once the sanctions are lifted.
India was the second-biggest buyer of Iranian oil after China before sanctions halted supplies in May 2019.
Iran in 2017-18 was its third-largest supplier after Iraq and Saudi Arabia and met about 10% of total needs.
As MRC wrote before, in April, 2020, BPCL shipped the first consignment of acrylic acid from its Propylene Derivative Petrochemical (PDP) complex at Kochi Refinery. Acrylic Acid is one of the six niche petrochemical products produced in the new PDP Complex at Kochi Refinery.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 576,270 tonnes in the first three month of 2021, up by 4% year on year. Low density polyethylene (LDPE) and high density polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.