 "oil")
India's top refiner Indian Oil Corp will no longer accept cargoes of Russian crude oil and Kazakh CPC Blend cargoes on a free-on-board (FOB) basis due to insurance risk, according to a tender notice and a source familiar with the matter.
The letter was sent on Monday to traders who submit cargo offers into IOC's regular crude oil buy tenders.
IOC bought 2 million barrels of Russian Urals for the first time in two years earlier this month.
A source at another state refiner, Bharat Petroleum Corp, said his firm mostly buys Urals on delivered basis, whereby freight and insurance are included, unlike
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