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IOC no longer accepts Russian, Kazakh crude on FOB basis: Report

Indian Oil Corp will no longer accept cargoes of Russian crude oil and Kazakh CPC Blend cargoes on a free-on-board basis due to insurance risk

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Reuters London
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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First Published: Feb 28 2022 | 7:57 PM IST

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