IOCL finalises term contract for import of US crude oil grades

The value of the contract works out to USD 1.5 billion

GN Bureau | February 20, 2019


#IOCL   #crude oil   #US   #oil import   #IndianOil Corporation   #Iran  
IndianOil Corporation has finalised a term contract for import of up to three MMT (million metric tonnes) of crude oil of US origin grades to diversify term crude sources in 2019-20 fiscal. The enterprise has finalised the contact on February 15, 2019.
 
The value of the contract works out to around USD 1.5 billion. This is the first term contract finalised by any Indian PSU oil company for import of US origin crude oil grades.

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