Friday, August 13, 2010

India's IOC buys 4 mln bbls Nigerian crude\

NEW DELHI/LONDON (Reuters) - Indian Oil Corp. (IOC) bought 4 million barrels of Nigerian crude oil in its second tender for October or late-September loading sweet crude, trade sources said on Friday.

India's largest state-run refiner bought one very large crude carrier (VLCC) comprising 1 million barrels each of Nigerian Forcados and Escravos grades from oil trader Vitol, the sources said.

IOC also bought a VLCC to be filled with 2 million barrels of Nigeria's benchmark Bonny Light from oil major Shell.

Traders said these were likely to be cargoes loading in October, although Shell has an end-month September Bonny Light cargo which it may use to meet its commitment to IOC.

IOC issued its third tender to buy October loading crude on Thursday with grade offers due by August 17 and price offers the following day. Both will remain valid until August 19.

IOC is India's largest state-run refiner and owns 10 plants in the country with a current combined capacity of 1.2 million barrels per day.

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