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.

Comments

Other News

An ode to the cradle of humankind

The Alphabets of Africa: Poems By Abhay K. Vintage Classics, 280 pages, ₹499.00 Abhay K

Ahmedabad district railway network to be expanded

The Cabinet Committee on Economic Affairs, chaired by prime minister Narendra Modi, on Wednesday approved the Ahmedabad (Sarkhej) – Dholera Semi High-Speed Double Line project of Ministry of Railways with total cost of Rs. 20,667 crore (approx.). It will be Indian Railways 1st semi high-speed project

Indian Ocean more contested than ever: Western Naval Command Chief

The Indian Ocean is becoming increasingly contested and strategically significant as the Indo-Pacific emerges as the defining geopolitical theatre of the 21st century, Vice Admiral Krishna Swaminathan, Flag Officer Commanding-in-Chief of the Western Naval Command, has said. Spe

Why the judiciary needs much more than four more judges

India has a particular form of governance theatre: the bold declaration that appears to be action but is actually a way of avoiding action. The Union Cabinet on May 5 approved a Bill to increase the sanctioned strength of the Supreme Court from 34 to 38. The decision has been touted as a step toward judici

Wisdom stories that don’t preach but encourage reflection

The Foundation Of A Fulfilling Life: Lessons from Indian Scriptures Deepam Chatterjee Aleph Books, 264 pages, Rs 899

Citizens of the Bay: Why BIMSTEC matters now

The international order is drifting into a dangerous grey zone as the very powers that built today`s multilateral system begin to chip away at it. The United States has increasingly walked away from global rules and forums when they no longer suit its interests, while China has rushed to fill the vacuum on