IOC, HPCL also exploring deal for Russian crude

State-owned Bharat Petroleum’s sister firms – Indian Oil (IOC) and Hindustan Petroleum (HPCL) – are also exploring possibilities to enter into term agreement with Russia for imports of crude oil.

On Wednesday, a source confirmed BPCL’s plan to enter into a term contract with Russia, not on government direction, but considering the cost advantage that the Russian crude can offer now.

While both IOC and HPCL declined to comment on the matter, a source aware of the development said, “Indian oil companies have never had a term contract with Russia for imports of crude. Whatever quantity is procured from Russia is from the spot market. However, new avenues for term can always be looked at. ”

The lion’s share of India’s import of crude oil is from the Middle East on term contract. India is the third largest importer of crude oil in the world.

!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘444470064056909’);
fbq(‘track’, ‘PageView’);


Original Article reposted fromSource link

Disclaimer: The website autopost contents from credible news sources and we are not the original creators. If we Have added some content that belongs to you or your organization by mistake, We are sorry for that. We apologize for that and assure you that this won’t be repeated in future. If you are the rightful owner of the content used in our Website, please mail us with your Name, Organization Name, Contact Details, Copyright infringing URL and Copyright Proof (URL or Legal Document) aT spacksdigital @ gmail.com

I assure you that, I will remove the infringing content Within 48 Hours.

Leave a Reply

Your email address will not be published.

Business

Global oil sector needs $11.8trn to meet growth in energy demand – OPEC

<!– Global oil sector needs $ 11.8trn to meet growth in energy demand – OPEC You’ll need to activate Javascript for you to have access to our content Oil & Gas OPEC Original Article reposted fromSource link Disclaimer: The website autopost contents from credible news sources and we are not the original creators. If we […]

Read More
Business

Orca Energy Group Inc. announces Normal Course Issuer Bid

This section is Partnership Content supplied The content in this section is supplied by GlobeNewswire for purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by GlobeNewswire Breadcrumb Trail Links GlobeNewswire Author of the article: Publishing date: Jul 05, 2022 • 15 minutes ago • 4 minute read […]

Read More
Business

At 22%, hiring activity upbeat in June: Entry-level talent demand high at 30%

Hiring activity in India remained upbeat in June with the job market witnessing a growth of 22% year-on-year (yoy). According to the latest data from job portal Naukri.com, in June, the demand for entry-level talent continued to record the highest yearly growth at 30%. The hiring sentiment was strong in other experience levels as well, […]

Read More