Business News

Indian Oil signs first annual deal to buy up to 3 million tonnes US oil

Indian Oil Corp, the country’s top refiner, has signed its first annual deal to buy up to 3 million tonnes or 60,000 barrels per day of US oil, its chairman Sanjiv Singh said on Monday.

State-run IOC had previously purchased US oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of U.S. oil between November to January.

Singh said the annual contract will begin from April. He declined to give the name of the seller and pricing details citing confidentiality.

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