First US crude oil cargo bought by Indian Oil arrives in Paradip

Paradip, October 2: Indian Oil Corporation bought 1.6 million barrels from the United States which reached Paradip port on Monday. This is the first US crude oil cargo bought by Indian Oil. The Crude oil will be processed by Indian oil on its East-Coast based refineries, located at Paradip, Haldia, Barauni, and Bongaigaon.

 

Indian oil became the first Indian public sector refiner to place a cumulative order of 3.9 million barrels from the US. Bharat Petroleum has also placed an order of 3.9 million barrel and Hindustan petroleum one million barrel for their Kochi and Vizag refineries.

During the Visit of Prime Minister Narendra Modi to the US in June 2017, he was looking to strengthen its hydrocarbon engagement with the US. To mitigate the risks because of geopolitical disruptions, the inclusion of the US as a source for crude oil imports by India’s largest refiner will go a long way the correspondent said.

By strengthening Indo-US hydrocarbon engagement, the price stability and energy security for India will be experiencing growth in demand for petroleum products.