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IOC buys higher volume of crude

IOC buys higher volume of crude
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First Published: Fri, Mar 02 2007. 10 13 AM IST
Updated: Fri, Mar 02 2007. 10 13 AM IST
Reuters
Singapore: Indian Oil Corp. (IOC), the country’s biggest refiner, has bought around 2 million barrels of West African crude in a tender for end-April or May loading, half its usual purchase, traders said on Friday.
The refiner bought a Very Large Crude Carrier (VLCC) from US major Chevron, comprising a cargo of Nigerian Escravos and one of Angolan Girassol, traders added.
The deal had yet to be confirmed and price details to emerge.
IOC has typically bought two VLCCs of West African sweet crude in similar tenders over the past few months.
The refiner has started buying higher volumes of cheaper Middle East crude as it prepares to bring on stream a new blending facility at Mundra, taking a first cargo of Neutral Zone Ratawi crude for April loading in a rare tender for heavy crude issued last month.
IOC, which has about 10 refineries spread across India for a total capacity of 1.204 million bpd, tenders several times a month to buy crude.
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First Published: Fri, Mar 02 2007. 10 13 AM IST
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