IOC To Buy $1.5 Bn Crude Oil from US

Indian Oil Corp (IOC) has signed an annual deal worth USD 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 in a statement.  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.