Moneycontrol
Get App
you are here: HomeNewsBusiness
Last Updated : Nov 11, 2019 07:52 PM IST | Source: Reuters

Indian Oil looks to import Russian oil: Chairman

India, the world's third-biggest oil importer and consumer, ships in about 60% of its overall crude needs from the middle eastern countries. The nation is gradually tapping new sources to hedge itself against geopolitical risks.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Indian Oil Corp, the country's top refiner, is considering importing Russian oil, its chairman Sanjiv Singh said on Monday, as the company aims to diversify its oil import sources.

India, the world's third-biggest oil importer and consumer, ships in about 60% of its overall crude needs from the middle eastern countries. The nation is gradually tapping new sources to hedge itself against geopolitical risks.

Indian state refiners - IOC, Hindustan Petroleum Corp Ltd, Bharat Petroleum Corp Ltd and Mangalore Refinery and Petrochemicals Ltd - hardly buy Russian oil as high transportation costs make the crude costly compared to the grades in Middle East.

Close
"We are exploring all options, we are discussing," Singh said, when asked if his company would sign a term contract with Russian companies.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Nov 11, 2019 07:35 pm
Sections
Follow us on
Available On