Indian refiners turn to Middle East and West Africa for crude supplies

Deep News08-05 17:21

Three trading sources reported on Wednesday that Indian refiner Mangalore Refinery and Petrochemicals Ltd has secured 1 million barrels of Omani crude through a tender process.

The purchase price for the crude was approximately $3 per barrel above the Brent crude spot contract, according to the sources. One source added that the seller was Mitsui & Co Energy Trading Singapore Pte Ltd.

Separately, sources indicated that Indian Oil Corporation, the nation's largest refiner by capacity, has procured 4 million barrels of West African crude. Insiders confirmed the company purchased Angola's Nemba, Saxi Batuque, and Clov crude, along with Djeno crude from Congo, from Chevron Corp.

The companies involved typically do not comment on commercial transactions.

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