New Delhi : Less than a year after first oil from the US was imported into India, state-owned Indian Oil Corp (IOC) has signed up to buy crude oil from the US through a term-tender deal, a company official said.
IOC has signed a contract to buy about 6 million barrels of US crude oil under single tender for delivery in November 2018 to January 2019, he said.
Currently, the company, as well as other oil firms, buy crude oil from the US on a spot or current tender basis which comprises one shipload of oil. They cannot enter into a term or fixed quantity deals as the government policy does not allow them to enter into such contracts with non-state foreign firms. IOC and other state firms like BPCL and HPCL enter into annual term import deals with national oil companies of mostly Middle East countries.
