Saturday, March 15, 2025 | 03:36 AM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Indian Oil Corp buys Russian Urals crude in rare tender : Sources

IOC bought a Urals cargo in April last year for processing at its Panipat refinery in northern India.

Indian Oil's Haldia refinery

Indian Oil’s Haldia refinery

Reuters New Delhi/Moscow

Indian Oil Corp has bought 1 million barrels of March-loading Urals crude via a tender, the country's first purchase of the Russian grade in a year, two sources close to the matter said on Monday.

Refinery maintenance in Europe has led to an increase in Urals supply and made it economical for the grade to be sold to Asia, traders said.

The cargo, to be loaded on March 17-22, was sold by Lukoil's trading arm Litasco at a discount to dated Brent of about $2 a barrel, a third source said.

IOC bought a Urals cargo in April last year for processing at its Panipat refinery in northern India.

 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 29 2016 | 7:09 PM IST

Explore News