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Indian Oil Corp buys its first Johan Sverdrup crude cargoes
Updated:
Updated:
April 06, 2021 14:18 IST
IOC will take delivery of two million barrels of the NorthSea crude in each of May and June, one of the sources said.Further details on the trades were not yet clear
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Indian Oil Corp
| Photo Credit:
Reuters
IOC will take delivery of two million barrels of the NorthSea crude in each of May and June, one of the sources said.Further details on the trades were not yet clear
State-run refinerIndian Oil Corporation (IOC) has made its firstpurchase of Norway s Johan Sverdrup crude, buying four millionbarrels via a tender as it speeds up diversification of crudeimports, two trade sources told Reuters on Monday.
Indian Oil Corp buys its first Johan Sverdrup crude cargoes – sources
State-run refiner Indian Oil Corporation (IOC) has made its first purchase of Norway’s Johan Sverdrup crude, buying four million barrels via a tender as it speeds up diversification of crude imports, two trade sources told Reuters.
IOC will take delivery of two million barrels of the North Sea crude in each of May and June, one of the sources said. Further details on the trades were not yet clear.
The move follows the Indian government’s call to cut dependence on crude from the Middle East in an escalating stand-off between India, the world’s third-largest crude importer, and Saudi Arabia, the de-facto leader of the Organization of Petroleum Exporting Countries (OPEC).