Indian Oil buys its first Ecuadorean oil via tender, sources say
- A reduction in Russian oil imports will also help New Delhi’s negotiations of a trade deal with Washington
NEW DELHI: Indian Oil Corp bought its first Ecuadorean Oriente crude cargo for end-March delivery via a tender, two trade sources said, as the country’s top refiner expands its oil sourcing to partly replace some Russian oil.
U.S. and European Union sanctions on Russian producers and vessels are disrupting Russian oil imports, prompting Indian refiners to scout for alternative supplies.
A reduction in Russian oil imports will also help New Delhi’s negotiations of a trade deal with Washington.
IOC bought 2 million barrels of medium-heavy sour Oriente oil, the sources said, without elaborating on the pricing and seller.
India’s Reliance Industries will consider buying Venezuelan oil
IOC did not immediately respond to a Reuters request for comment.
The refiner covers most of its oil needs with imports from Russia and the Middle East and rarely buys South American grades despite having optional purchase contracts with Mexico, Brazil, and Colombia.
Last month, IOC bought 2 million barrels of Colombian Castilla crude.
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