Tag Archives: Indian Oil Corporation

Indian Oil Corporation Limited has signed a contract with Russia’s Rosneft for importing 2 million metric tonnes of Urals grade crude oil in a bilateral meeting.

An important subject of talks between Sechin and Pradhan was the issue of providing Indian consumers with quality crude and petroleum-based products.

It is easier to trade in domestic currency as India has the option to route payment through one of India'.s state-owned banks.

India had bought about 300.000 barrels per day (bpd) of Iranian oil under the six-month U.S. sanctions waiver.

India’s total crude oil imports for FY19 was marginally down to 209.4 million tonne.

The annual contract will begin from April.

The company will buy about 4.5 million tonnes of Iraqi crude oil in 2019.

The exemption will allow Indian refiners to settle about $1.5 billion of outstanding payments to NIOC through direct rupee payments.

The U.S. launched new sanctions on Iran’s petroleum sector on November 4.

India is one of the largest consumers of crude oil and Iran has been one of the key suppliers.