Friday, June 4, 2010

IOC buys 6 mln bbls W.Africa crude

NEW DELHI: Indian Oil Corp on Thursday bought 6 million barrels of West African and 1 million barrels of Libyan crude oil via tender for July and
August, including its first purchase of Nigerian grade Okono, trade sources said.

The refiner bought a Very Large Crude Carrier (VLCC) comprising 1 million barrels each of Nigerian grades Yoho and Bonga from Shell for July lifting, they said, taking its monthly purchases to 11 milllion barrels.

It also bought 3 million barrels of Nigerian crude and 1 million barrels of Angolan crude in two VLCCs via its first tender for August lifting from trader Glencore.

One VLCC has 1 million barrels each of Girrasol and Okono. The second consists of Forcados and Hungo crudes, sources said.

The company has also bought 1 million barrels of Libyan grade Brega from Concord Energy for its southern India refineries run by subsidiary Chennai Petroleum Corp.

Price details were not immediately available. The deals could not be confirmed by IOC and the sellers.

In its earlier tender for July-lifting, IOC bought four million barrels of Nigerian crude from Vitol.

IOC owns 10 plants in India with combined capacity of 1.2 million barrels per day.

India's largest state-run refiner usually tenders to buy crude between two and four times a month, taking cargoes mostly from West Africa and the Mediterranean.

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