IOC Buys Its First Cargo Of Iraqi Basra Medium Oil: Report moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
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 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.
Indian Oil Corp (IOC) , the country's top refiner, has loaded its first cargo of Iraq's new Basra Medium crude grade which was introduced this year, according to ship tracking data from Refinitiv Eikon and a source with knowledge of the matter.
By Reuters Staff
(Refiles to add reporting credits.)
SINGAPORE/NEW DELHI, Jan 6 (Reuters) - Indian Oil Corp (IOC) , the country’s top refiner, has loaded its first cargo of Iraq’s new Basra Medium crude grade which was introduced this year, 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 around Jan. 14.
Iraq has increased Basra crude exports by introducing this new grade after the Organization of the Petroleum Exporting Countries and its allies agreed to raise output by 500,000 barrels per day (bpd) in January.