Indian Oil Corporation (IOC) has bought two new types of U.S. crude for December delivery as it tests different grades from the United States. The company has purchased 1 million barrels each of U.S. Southern Green Canyon (SGC) and WTI Midland crude likely from a Chinese trader. The purchase was in addition to 2 million barrels of Basra Light crude to be delivered in the same month.
The United States has become a new source of crude supply for Asia since Washington lifted a ban on crude exports in late 2015. India joined other Asian countries in buying U.S. crude in the fourth quarter to widen its import sources as well as to reduce trade surplus with the United States.
Indian Oil Corporation (IOC) is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
