IOCL may import 'costly' Russian oil as it aims to diversify sources

Indian Oil Corp, the country's top refiner, is considering importing Russian oil, its chairman Sanjiv Singh said on Monday, as the company aims to diversify its oil import sources.

India, the world's third-biggest oil importer and consumer, ships in about 60% of its overall crude needs from the middle eastern countries. The nation is gradually tapping new sources to hedge itself against geopolitical risks.

Indian state refiners - IOC, Hindustan Petroleum Corp Ltd, Bharat Petroleum Corp Ltd and Mangalore Refinery and Petrochemicals Ltd - hardly buy Russian oil as high transportation costs make the crude costly compared to the grades in Middle East.

"We are exploring all options, we are discussing," Singh said, when asked if his company would sign a term contract with Russian companies.