Indian Oil Corporation (IOC) has tied up imports from the US and taken additional volumes from Saudi Arabia to make up for the bulk of the volumes lost because of sanctions prohibiting buying oil from Iran.
India bought close to 24 million tonnes of crude oil from Iran in the fiscal ended March 31 (2018-19). Of this, the company sourced about 9 million tonnes from Iran.
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.