Interview: Prospects of the company’s green business are rosy, says Sanjiv Singh, chairman, Indian Oil

Indian Oil Corporation has been taking initiatives to adapt to the changing energy mix even as it pushes growth in the sale of petrol and diesel, which is the mainstay of the company’s business, Sanjiv Singh, chairman, tells FE’s Anupam Chatterjee.

Did the recent unrest in West Asia impact supplies? How is the company diversifying its sources of crude?
Crude oil supplies to Indian Oil were not affected by the recent unrest in West Asia. Over the years, the company has diversified its crude oil basket and started imports from the US, both through spot tenders and term contracts, as a strategic intervention, given that the US is set to be the largest supplier of incremental crude oil production up to 2030. The company is also exploring import of crude oil through term contracts with the national oil companies of countries other than those in West Asia. We recently signed a term contract with Rosneft, the national oil company of Russia, for import of 2 million tonne of Urals grade crude oil in 2020.