Indian Oil Corp. Ltd. has finalized a term contract to import as much as 3 million tonnes/year of crude oil from the US as part of the operator’s strategy to diversify its term crude sources.
IOC finalized the contract—valued at $1.5 billion—on Feb. 15, the company said.
This is the first term contract for US crude grades secured by any Indian state-run refining company.
IOC did not confirm a duration of the contract or the producers from which it has secured the term shipments.
With an overall group refining capacity of more than 1.6 million b/d, IOC controls 11 of India’s 23 refineries to account for a 35% share of total national refining capacity.
