IndianOil signs $1.5-b deal to import 3 mt US crude next fiscal

Indian Oil Corporation will import up to 3 million tonnes of crude oil from the US in the next financial year.

“IndianOil has finalised a term contract for import of up to 3 million tonnes of crude oil of US origin grades as a part of its strategy to diversify term crude sources. The contract was finalised on Friday,” an IndianOil statement said.

“The approximate value of the contract works out to $1.5 billion. This is the first term contract finalised by any Indian PSU oil company for import of US origin crude oil grades,” the statement added.