State-owned Indian Oil Corp (IOC) is planning to reduce crude oil imports from Iran by over 23% in the current year. During the financial year, it has imported 1.566 million tonnes of oil from Iran. The company has entered into term contract for import of 1.2 million tonnes of crude oil from Iran, for the year beginning April 2013. In the current year, IOC has imported 0.577 million tonnes of oil from Iran during the April-June quarter of the current fiscal.
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.