Indian Oil signs first annual deal to buy up to 3 million tonnes of US oil

IOC had previously purchased U.S. oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of U.S. oil between November to January.

Oil refinery — The company, previously owned by the debt-laden Essar Group, is gradually raising its profile on the Indian energy map

Reuters New Delhi

Last Updated : Feb 18 2019 | 10:57 PM IST

Indian Oil Corp, the country's top refiner, has signed its first annual deal to buy up to 3 million tonnes or 60,000 barrels per day of US. oil, its chairman Sanjiv Singh said on Monday.

State-run IOC had previously purchased U.S. oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of U.S. oil between November to January.

Singh said the annual contract will begin from April. He declined to give the name of the seller and pricing details citing confidentiality.

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