India receives first crude oil cargo from the US -Governance Now

India receives first crude oil cargo from the US

IndianOil, which became the first Indian public sector refiner to source US crude, has placed a cumulative order of 3.9 million barrel from the United States

GN Bureau | October 6, 2017

#PSU #IndianOil #US crude #Paradip #Bharat Petroleum #Hindustan Petroleum

The first US crude oil cargo carrying 1.6 million barrel crude oil, bought by IndianOil Corporation (OICL), from the US was received at Paradip port.

The crude carrier — MT New Prosperity, having capacity of 2 million barrels of crude, left US gulf coast on August 19 and arrived at Paradip on October 2. IOCL will process the crude at its East-Coast base refineries at Paradip, Haldia, Barauni and Bongaigaon.

IndianOil which became the first Indian public sector refiner to source US crude has placed a cumulative order of 3.9 million barrel from the United States.

“Inclusion of the US as a source for crude oil imports by India’s largest refiner will go a long way in mitigating the risks arising out of geo-political disruptions,” ministry of petroleum and natural gas’s joint secretary (international cooperation), Sunjay Sudhir said.

Bharat Petroleum Corporation and Hindustan Petroleum Corporation, India’s two other public sector refiners, have also placed orders for about 2.95 million barrels and 1 million barrels respectively for their Kochi and Vizag refineries from the US.

The total volume of the crude presently contracted by Indian public sector refineries is, therefore, 7.85 million barrels. The three refiners are sourcing sweet, sour and heavy crudes for their refineries which are equipped to handle complex mix of crude oils.

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