Indian Oil Signs First Annual Deal to Buy Up to 3 Million Tonnes US Oil

Loading…

New Delhi: Indian Oil Corp, the country’s top refiner, has signed its first annual deal to buy up to 3 million tonnes or 60,000 barrels per day of US oil, its chairman Sanjiv Singh said on Monday.

State-run IOC had previously purchased US oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of US oil between November to January.

Singh said the annual contract will begin from April. He declined to give the name of the seller and pricing details citing confidentiality.

Catch the Biggest Newsmakers and the Biggest Newsbreaks on CNN-News18, your favourite English TV news channel. Keep watching CNN-News18 at just 50 Paise per Month. Contact your cable /DTH operator Now!
*Rental / capacity fee of Rs.130/- as charged by cable / DTH operator may apply. **GST extra.