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Indian Oil buys new US crude grades for December delivery

October 12/2017

MOSCOW (MRC) -- Indian Oil Corp Ltd (IOCL), the countrys largest refiner, has bought two new types of US crude for December delivery as it tests different grades from the United States, trade sources said on Tuesday, reported Reuters.

IOC bought 1 MMbbl each of US Southern Green Canyon (SGC) and WTI Midland crude likely from a Chinese trader, the people said, speaking on condition of anonymity. The purchase was in addition to 2 MMbbl of Basra Light crude to be delivered in the same month.

The United States has become a new source of crude supply for Asia since Washington lifted a ban on crude exports in late 2015. India joined other Asian countries in buying US crude in the fourth quarter to widen its import sources as well as to reduce trade surplus with the United States.

IOC has issued another sour crude tender that will close later this week to purchase more oil for the same period, according to a document reviewed by Reuters.

Officials at IOC werent available for comment.

The refiner has bought about 5.5 MMbbl of US crude so far this year.

Other Indian refiners to have bought US crude include Bharat Petroleum Corp Ltd, Bharat Oman Refinery, Hindustan Petroleum Corp Ltd and Reliance Industries Ltd.

As MRC wrote previously, IOCL conducted maintenance at its polypropylene (PP) plant in Indian from mid-July to mid-August 2017. As per earlier plans, the plant was supposed to shut in early-July 2017. Located at Panipat in the northern Indian state of Haryana, the PP plant comprising two units has a production capacity of 300,000 mt/year each.

Indian Oil Corporation Limited, or IndianOil, is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India.
Author:Margaret Volkova
Tags:PP, crude and gaz condensate, propylene, ethylene, petrochemistry, Indian Oil Corp, India.
Category:General News
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