IOC sets up trading desk to buy crude on real-time basis
India’s top refiner Indian Oil Corp (IOC) has set up a trading desk at its office here to buy crude oil from international market on a real-time basis, helping it cut import price by locking in best price and quality, its Director (Finance) A K Sharma said.
IOC, which buys 30 per cent (15 million tonne) of its oil requirement from spot or current market, had set up a trading office in Singapore in 2017 but has now developed in-house software and trading team to buy crude oil on a real-time basis.
It made the first purchase through the desk on March 25 when it bought one million barrel of Nigeria’s Agbami crude, he said.
