New Delhi: Indian Oil Corp., the country’s top refiner has made the first purchase of Guyana Liza Light Sweet Crude for trying to diversify its rough purchases, the source familiar with the material.
Cargo 1 million barrels will sail around July 4 on a Greek tanker for the Indian port paradip, where it will arrive around August 8, according to refinitiv data.
This will be a ‘cargo trial’, said the source, without providing price details.
The source said that India was in talks with Guyana’s government for the term oil supply contract to refiner the state.
IOC is the first Indian state refiner to buy Liza oil.
HPCL-MITTAL Energy Personal Refiner Ltd., a joint venture between Hindustan Petroleum Corp and Steel Tycoon LN Mittal, bought a million barrels of Liza class in March.
IOC refused to immediately comment.
India, the third largest importer and consultation of the world, ships in more than 80% of their oil needs from abroad and are very dependent on the Middle East.
Earlier this year India requested state refining to accelerate the diversification of crude oil resources after the organization of petroleum exporting countries and allies, also known as OPEC + failed to relieve the supply sidewalk, leading to a surge in global oil prices.
Refiner Country – IOC, HPCL, Bharat Petroleum and Mangalore and Petrochemical Development Ltd – together controlled around three fifths of refining capacity of 5 million barrels per day.
With the retail price of heavy taxes from gasoline and gasoil jump to a high record, the oil minister Dharmendra Pradhan has asked for OPEC +, ahead of the July 1 group meeting, to consider the supply sidewalk easing to activate the recovery of demand and calm inflation.