You are here: Home » Economy & Policy » News
Business Standard

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.

Reuters  |  New Delhi 

Oil refinery

 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 Singh said on Monday.

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

 

 

 

First Published: Mon, February 18 2019. 10:42 IST
RECOMMENDED FOR YOU