Indian oil refiners look at ‘consortium’ approach to buy crude from United States


Indian oil refiners look at ‘consortium’ approach to buy crude from United States

Indian refiners, both state-owned and private, are weighing a “consortium” arrangement for buying crude from the United States to secure concessions and save on freight costs, at least two people familiar with the plan said.

“There was a lot of discussions on energy. This is a new sector in Indo-US relations. We have begun importing oil and gas from the US worth about $4 billion this year. We expressed our readiness to import more oil and gas from the US as a way of expanding our trade,” India’s Foreign Secretary Vijay Gokhale said after Prime Minister Narendra Modi and US Vice President Mike Pence met on the sidelines of the East Asia Summit held in Singapore a few days ago.

“Today, US is all private oil producers. So, can there be a consortium we can deal with in totality so that we can get the best terms,” an official with one of the state-run oil refiners said, asking not to be named. Read More

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