IOC buys oil from Guyana, signs up term pact for US crude

NEW DELHI: India’s top state refiner IOC NSE 0.84 % has made its first purchase of crude oil from Guyana and entered into a contract to buy 3 million tonnes of US crude as it seeks to diversify its oil imports.

“We have procured one Suezmax of Guyanese Liza crude and have also entered into a term contract for 3 million tonnes of the US crude for further diversification,” Indian Oil Corporation (IOC) chairman Shrikant M Vaidya said.