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Dubai Mercantile Exchange launches Mideast crude trading platform
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IOC Buys Its First Cargo Of Iraqi Basra Medium Oil: Report
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IOC buys its first cargo of Iraqi Basra Medium oil
Indian Oil Corp (IOC), the country’s top refiner, has loaded its first cargo of Iraq’s newly introduced Basra Medium crude grade, according to ship tracking data from Refinitiv Eikon and a source with knowledge of the matter.
IOC loaded the cargo onto Minerva Kalypso, a suezmax-sized vessel, which left Iraq’s southern port of Basra on Jan. 4, the data showed.
The ship is expected to arrive at Chennai port in southeastern India for IOC’s subsidiary Chennai Petroleum Corp (CPCL) around Jan. 14.
Iraq’s state oil marketing company (SOMO) launched the new sour crude grade in January by splitting existing Basra Light production into two grades to provide better quality stability.
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