IOC imports 1.9 billion barrels of US crude
DSIJ Intelligence / 11 Aug 2017
Indian Oil Corporation (IOC) has bought 1.9 barrels of US’ crude in the second import tender seeking oil from the US
Indian Oil Corporation (IOC) has bought 1.9 barrels of US’ crude in the second import tender seeking oil from the US, making it the first Indian refiner to purchase Eagle Ford shale oil, reported a leading business daily.
IOC bought 9,50,000 barrels of light sweet Eagle Ford shale oil and 9,50,000 barrels of heavy sour Mars crude for end-October delivery from trading firm Trafigura.
The latest purchase comes after a previous import tender where IOC bought 1.6 million barrels of Mars crude and 4,00,000 barrels of Western Canadian Select. Bharat Petroleum Corporation was the first Indian refiner to buy 1 million barrels of low-sulphur WTI Midland crude this month, while India’s HPCL has announced plans to also purchase low-sulphur US crude.
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