Essar Oil, Indian Oil renew Product-Supply deal

Essar Oil, a subsidiary of the London listed Essar Energy, announced that it has renewed a major product sale and purchase agreement with Indian Oil Corporation (IOC), India’s largest oil retailer. The renewed three-year agreement, running from 2012 to 2015, requires Essar Oil to supply diesel, petrol, kerosene and aviation turbine fuel to IOC from its Vadinar refinery, totalling 2 million tonnes every year. It also entitles the company to purchase products from IOC and gives the two companies the option of sharing each other’s distribution infrastructure.