Indian Oil Corporation (IOC) has purchased its third shipload or cargo of US crude oil as it looks at cheaper alternatives that have emerged due to the global supply glut. The company purchased 2 million barrels of light Louisiana sweet crude oil. The oil is for delivery at its Paradip refinery in Odisha during April 11-20.
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.