Friday, February 6, 2009

IOC buys 3mln bbls sweets for April

India's largest state-owned refiner Indian Oil Corp (IOC) has bought 3 million barrels of Nigerian and Azeri crude in its tender for April loading sweet crude, traders said on Friday.

It bought one Very Large Crude Carrier (VLCC), or 2 million barrels, of Nigerian Bonny Light and Bonga grades from oil major Shell and 1 million barrels of Azerbajan's Azeri Light.

Price details have yet to emerge.

IOC issued three tenders in March, buying mostly West African crude as improving refining margins and a tightening of supply raised demand for Nigerian and Angolan grades.

IOC bought 950,000 barrels of Bonny Light and 950,000 barrels of Amenam from European trader Total in its third tender for March.

In its second tender of the month, it bought 1 VLCC of West African crude oil made up of a cargo each of Qua Iboe and Escravos grades. IOC also took one million barrels of Azeri Light.

In its first March tender, IOC took 4 million barrels of Nigerian crude.

No comments:

Post a Comment

Related Posts with Thumbnails