IOC signs $1.5-bn deal for US crude

New Delhi, February 18 

In the first-ever deal by an Indian company, Indian Oil Corp (IOC) today said it has signed an annual deal worth $1.5 billion to import 3 million tonnes of crude oil in the fiscal year beginning April 1.

This is the first time any Indian refiner has signed an annual contract since the country in 2017 began importing crude oil from the US.

“IOC has finalised a term contract for import of up to 3 million tonnes of crude oil of US origin grades as a part of its strategy to diversify term crude sources,” the company said. The contract was finalised on February 15.

The term contract follows IOC signing up to buy crude oil from the US through a term-tender deal in August last year. It had at that time bought about 6 million barrels of US crude oil under single tender for delivery between November 2018 and January 2019. IOC and other state firms like BPCL and HPCL enter into annual term import deals with national oil companies of mostly Middle East countries. — PTI

To import up to 3 million tonnes 

• This is the first time any Indian refiner has signed an annual contract since the country in 2017 began importing crude oil from the US
• IOC has finalised a term contract for import of up to 3 million tonnes of crude oil of US origin grades as a part of its strategy to diversify term crude sources
• The term contract follows Indian Oil Corporation signing up to buy crude oil from the United States through a term-tender deal in August last year

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