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IOC buys 3 million barrels of West African crude oil

22 Apr 2014 Evaluate

Indian Oil Corporation (IOC) has purchased three million barrels of West African crude oil via a tender for June lifting, including a rare purchase of Nigeria’s Okwuibome grade. The company has bought million barrels of Okwuibome oil from trader Glencore as a trial cargo for processing at some of its own plants.

Further, the company bought a very large crude carrier containing about a million barrels each of Nigeria’s Zafiro and Qua Iboe grades.

IOC, along with subsidiary Chennai Petroleum, controls about 31% of India's oil refining capacity of 4.3 million bpd.

Peers
Company Name CMP
Reliance Industries 1166.00
Indian Oil Corpn. 132.00
Bharat PetroleumCorp 301.00
HPCL 346.00
MRPL 164.70
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