India Oil Corp, the country’s top refiner, is close to winning its first contract to supply diesel, jet fuel and petrol in the second half of this year to state-run Bangladesh Petroleum Corp, two sources with knowledge of the matter said.
IOC mostly stays away from participating in the term tenders for fuel exports as the refiner sells most of its fuel in the local market, besides supplying its retail outlets in Nepal and Bhutan. “Now (the) scenario is different, demand is falling so IOC will have some spare products to export,” said one of the sources.
