IOC seeks up to 24 Million Barrels of U.S Crude to Diversify Imports
Millennium Post, Delhi   09-Jun-2020

Indian Oil Corp (IOC), the country’s top refiner, is seeking to buy up to 24 million barrels of US oil for delivery between October 2020 and March 2021, tender documents showed, as part of its efforts to diversify supply. The move will help IOC to hedge against unpredictable pricing moves by Middle East producers, a source familiar with the matter said, speaking on condition of anonymity. IOC is requesting 2 million barrels of US crude per month with the option of an additional 2 million barrels per month for discharge at the Paradip port on the east coast, the documents showed.