Hindustan Petroleum
Indian state oil refiner with Gulf crude dependency; one of three state refiners caught in OFAC/IRGC bind.
Last refreshed: 21 April 2026
How exposed is Hindustan Petroleum to the US sanctions and IRGC tanker attacks?
Timeline for Hindustan Petroleum
Mentioned in: OFAC named India three days before IRGC fire
Iran Conflict 2026- What is Hindustan Petroleum's exposure to Iran sanctions?
- HPCL faces indirect exposure through Indian shipping intermediaries designated by OFAC. Purchasing Iranian crude through those intermediaries would create secondary sanctions risk for the refiner.Source: US Treasury OFAC
Background
Hindustan Petroleum Corporation Limited (HPCL) is one of India's three Major state-owned oil refining and marketing companies, operating refineries at Mumbai and Visakhapatnam and distributing petroleum products nationwide. Like Bharat Petroleum and Indian Oil Corporation, HPCL has been a historical buyer of Iranian crude during waiver periods and depends on the Strait of Hormuz for the majority of its crude supply.
HPCL appeared in the context of the 15 April 2026 OFAC action designating Indian nationals and shipping entities connected to the Shamkhani Iranian oil-smuggling network. The designation of Indian intermediaries across the shipping supply chain creates compliance risk for all three state refiners.
India's state refining sector collectively processes the bulk of the country's crude imports, the majority of which transit Hormuz. The combination of IRGC attacks on Indian-flagged tankers and OFAC enforcement against Indian shipping intermediaries has placed HPCL alongside IOC and BPCL in a structural bind between energy security and US sanctions compliance.
