Indian oil giants gear up for Pakistani market

With in-principle status of Most Favoured Nation (MFN) granted to India by Pakistan, Indian oil companies – such as the Hindustan Petroleum Corporation (HPCL), the Indian Oil Corporation (IOCL) and GAIL India – are gearing up to cash in on the opportunity by exporting petroleum products and gas to its energy-starved neighbour. Pakistan’s existing refining capacity meets only half its total domestic requirement, while India now exports almost one fourth of its 185 million tonne refining capacity.
“Pakistan’s move to ease trade with India could translate into a big opportunity for HPCL, as it will be best positioned to use its INR19,000 crore Bhatinda refinery as a critical gateway. It will be a pragmatic business model, where revenue will more than offset relatively low investment in the pipeline,” said a Mumbai-based oil analyst.

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