Crude oil imports from US during April-December 2018 tripled to 4.58 million tonne
Indian Oil Corporation Limited will import up to 3 million tonnes of crude oil from the United States of America 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, February 15, 2019,” 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.
