IOC buys 1 mn barrels Azeri crude via tender

IOC bought the barrels from BP. They would be loaded in late April and May. Price details were not yet available.

IOC, which has about 10 refineries spread across India for a total capacity of 1.204 million barrels per day, tenders several times a month to buy crude, mainly West African grades.

It was not clear whether the refiner bought African grades in the latest tender in addition to Azeri Light.

IOC had already bought about 2 million barrels of West African crude from US major Chevron in the previous monthly tender for end-April and May crude.

It also has contracted to buy 2 million barrels a month of Nigerian Escravos crude through a term tender for second quarter lifting from Chevron. Reuters

/The Economic Times/