HPCL to Establish Global Oil Trading Desk

SEATTLE (Oil Monster): The leading Indian public sector undertaking Hindustan Petroleum Corporation Limited (HPCL) announced plans to establish a global oil trading desk, which will not only strengthen its competitiveness, but will also expand its footprints beyond domestic markets. The company is yet to finalize the location of the proposed international hub.

The move will help the company to expand its presence in the international oil market and is part of its commitment to diversify its operations and tap rising opportunities in the global energy landscape.

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By setting up a global oil trading desk, HPCL aims to actively participate in international oil trading activities. This in turn will help the company to optimise procurement, trading and distribution, thereby mitigating risks associated with oil price fluctuations.

The company press release noted that the establishment of global oil trade hub reflects HPCL’s goal to become a dynamic and agile player in global energy market, along with reinforcing its position as one of India’s leading integrated oil and gas companies. It will drive sustainable growth for the company as well as its stakeholders, it added.

Meantime, the Bombay Stock Exchange (BSE) has sought a clarification from the company on the development, a reply for which is awaited.