State-owned Indian Oil Corporation, the biggest refiner in India, is looking at importing Russian crude to meet growing demand in one of Asia’s fastest growing economies, its chairman said.
“When it comes into buying options, we would prefer to have as wide options as possible. Our existing suppliers are GCC countries and Iraq, but we are also trying to look into getting Russian crude,” said Sanjiv Singh.
The company is also importing a significant quantity of low-sulphur crude from West Africa and has entered into a term contract for American crude, Mr Singh told reporters on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference.
“We have been keeping a lot flexibility in our overall system, so that we have diversified sources in case of any restrictions not only from Iran but any other source so that we have options available.” Read more
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