In a bid to expand its crude basket, State-run Indian Oil Corporation (IOC) is planning to add five new oil deals during the fiscal year 2013-14. Of the total, the company will add three Latin American and two Middle Eastern countries to its annual oil purchase deals.
The company has proposed the same with NOCs (national oil companies) of Colombia, Venezuela and Brazil as well as of Qatar and Dubai. Besides traditional oil suppliers like Nigeria, Saudi Arabia and Iraq, India’s largest refiner had entered into new term contracts with NOCs of Angola, Brunei, Azerbaijan and Mexico in the last few years.
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.
