Hindustan Petroleum Corp Ltd has pushed back the completion of a billion-dollar expansion at its southeastern Vizag refinery to at least October-November due to a labour shortage and the onset of monsoon, a company source said. Many workers have returned to their hometowns due to the nationwide lockdowns to curb the spread of coronavirus, while the onset of monsoon has made it difficult to carry out construction work, the source told Reuters. HPCL did not respond to a Reuters' request seeking comments.
Indian refiner Hindustan Petroleum Corp Ltd has issued a force majeure notice to Iraq's Oil Marketing Company (SOMO) to cancel two oil cargoes as local fuel demand is hit by a lockdown to stem spread of coronavirus, an industry source said. State-run HPCL was scheduled to lift these cargoes containing one million barrels each in the first half of April, this source said. No immediate comment was available from HPCL.
Indian state refiners are close to signing their first annual deals to buy Russian oil, three sources privy to the development said, as the nation moves to tap new sources to hedge against geopolitical risks. India, the world's third biggest oil consumer and importer, which ships in over 80% of its needs, usually relies on the Middle East for the majority of its supply. The country's top refiner IOC has already told Russia's Rosneft that it intends to buy as much as 40,000 bpd of Russian crude, one of the sources said, some 2.5% of its total refining capacity.