Tokyo: Indian Oil Corp (IOC), India’s largest state-owned refiner, has issued a second tender this month to buy August-loading sweet crude, a trader said on Monday.
Grade offers in the two tenders are due on Tuesday and price bids will remain valid until Thursday, the trader added.
Last week, IOC purchased 3 million barrels of crude for August loading, including one very large crude carrier (VLCC) comprising West African sweet grades Nigerian Qua Iboe and Congolese Nkossa, and 1 million barrels of Malaysian Kikeh, traders said.
IOC bought a hefty 12 million barrels of West African crude for July loading as well as 600,000 barrels of Libyan Mellitah crude and 600,000 barrels of Malaysian Miri crude.
IOC has about 10 refineries spread across India with a total capacity of 1.204 million barrels per day (bpd) and tenders several times a month, mainly for sweet West African grades.