BackIOC buys 3 mn barrels of West African crude
IOC buys 3 mn barrels of West African crude
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New Delhi: State-run Indian Oil Corp (IOC) has bought 2 million barrels of Nigerian crude and 950,000 barrels of Equatorial Guinean crude in its latest tender for January sweet crude, a trade source said on Monday.
India’s largest refiner bought one million barrels each of Nigeria’s Bonny Light crude and of Qua Iboe crude from European trader Vitol, a trader said.
It also bought 950,000 barrels of Equatorial Guinean Zafiro crude from Vitol, the trader added.
Price details were not immediately available.
IOC had already bought 3.5 million barrels of sweet crude for January loading in two previous tenders.
In its first tender for January crude, IOC bought 1 million barrels of Azerbaijan’s Azeri Light crude, its first such purchase for six months, traders said.
In its second tender, the company took 2 million barrels of West African and 500,000 barrels of Yemeni Masila crude.
IOC has about 10 refineries spread across India with a total capacity of 1.204 million barrels per day.
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