IOC to buy 2 MT Russian crude oil
New Delhi: Indian Oil Corp has agreed to an annual deal to buy 2 million tonnes of Russian crude oil, a first for any Indian refiner that would help diversify supply sources and cut India’s dependence on conflict-prone Middle East, according to people with knowledge of the matter.
The annual oil purchase deal with Rosneft, Russia’s staterun oil giant, came after months of negotiations, people said. Two other state-run refiners, Hindustan Petroleum and Bharat PetroleumNSE 0.05 %, too are in talks with Rosneft to close annual crude deals for relatively smaller quantities, they said.
