NEW DELHI: Indian Oil CorporationNSE 4.61 % has become the first Indian refiner to buy US equity oil — a third-country company’s share of output proportionate to its stake in a field — under term contract as part of its plan to substitute Iranian supplies that were stopped since this month under threat of US sanctions.
Company chairman Sanjiv Singh on Friday said the term contracts have been signed with Equinor (formerly Statoil) of Norway and Sontrach of Algeria for a total volume of 4.6 million tonne in 2019 calendar year. According to US Energy Information Agency, both companies have stake in oil and gas fields in the US.
