Indian oil giants focus on Pakistan market

With in-principle status of Most Favoured Nation (MFN) granted to India by Pakistan, Indian oil firms, 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 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 and Indian firms.