Indian Oil Corp Buys 5 Million Barrels of Global Crude
State refiner Indian Oil Corp acquired 5 million barrels of crude oil from West Africa and the Middle East via a tender this week. The purchases include grades from Angola, Nigeria, and Abu Dhabi for delivery to various refineries across India.
INDIAN OIL CORP LTD purchased 5 million barrels of crude oil from West Africa and the Middle East via tender this week. The state-run refiner secured cargoes of Angolan, Nigerian, and Abu Dhabi crude for delivery to three domestic refineries. Diversifying supply sources helps India manage costs as West African premiums reach $4 above Brent Crude Oil.
Trade sources in Singapore said the company bought Kissanje and Nemba crude from Angola. These volumes are designated for the Paradip refinery. EXXON MOBIL CORP sold Usan crude from Nigeria to Indian Oil Corp for its Vadinar facility.
