IOC buys extra Saudi oil for July, Essar seeks more

Posted By: Religare
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IOC buys extra Saudi oil for July, Essar seeks more
An additional 1 million barrels of oil will be supplied by Saudi Aramco to Indian Oil Corp for the coming month and similar volumes of oil have been requested by Essar Oil as well.

Essar wants the volumes of oil to be loaded in H1 of July 2011; hence its request has not yet been confirmed. However, IOC's request for the additional 1 million barrels has been confirmed by Saudi.

Earlier, MRPL had purchased about 600,000 barrels of extra Saudi oil for July.

IOC is controlling over 1.3 million barrels per day (bpd) of crude processing capacity and it usually purchases about 110,000 bpd of oil from Saudi.

Essar operates a 280,000 bpd refinery at Vadinar in western Gujarat state and on average buys 500,0000-600,000 barrels Saudi crude in a month.

Read more about: oil and gas, ioc, bse, nse
Story first published: Friday, June 24, 2011, 13:31 [IST]
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