IOC eyes more US oil as India diversifies energy routes


IOC eyes more US oil as India diversifies energy routes

India’s largest oil refiner and fuel retailer IndianOil Corporation is looking at pumping up US crude import volumes next year, expanding India’s fledgeling energy bridge with Houston — the heart of American oil and gas industry where prime minister Narendra Modi is scheduled to address a congregation of Indian diaspora on Sunday.

“There are some bottlenecks in US oil export infrastructure, which prevents berthing and loading of VLCCs (very large crude carriers) at the terminals. Smaller vessels are not often economical. They are working on de-bottlenecking and hope to complete it by January. If that happens, then why not (buy more US oil),” company chairman Sanjiv Singh told TOI.

Company’s former director finance A K Sharma said oil is transported from the terminals in smaller vessels to VLCCs parked at high sea. “In the present system, they load their VLCCs Read More

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