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IOC buys new African crude

IOC buys new African crude
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First Published: Fri, Feb 22 2008. 11 41 AM IST
Updated: Fri, Feb 22 2008. 11 41 AM IST
New Delhi / Singapore: Indian Oil Corporation (IOC) bought its first cargoes of new Angolan Plutonio and Gabonese Rabi Light crudes through a tender for sweet grades for April, an IOC source said Friday.
The state refiner bought 950,000-1.0 million barrels of each grade, together with two other similar cargoes of Nigerian Qua Iboe and Amenam, which it had not bought for possibly over a year.
This came as the company is keen to diversify to new grades for greater supply security, the IOC source said.
In addition to the roughly four million barrels of West African crude, IOC also bought 500,000 barrels of Egyptian Ras Gharib in a tender for heavy grades, its first purchase of Egyptian crude via tender in well over a year, other traders said.
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First Published: Fri, Feb 22 2008. 11 41 AM IST