India IOC to expand crude basket; plans 5 new oil deals

India IOC to expand crude basket; plans 5 new oil deals

Last Updated: Wed, May 08, 2013 13:20 hrs

NEW DELHI, May 8 (Reuters) - Indian Oil Corp plans to add three Latin American and two middle eastern countries to its annual oil purchase deals during the fiscal year through March, a parliamentary committee said, as the energy-hungry nation diversifies its crude basket.

"For 2013/14, new term contracts are being proposed with NOCs (national oil companies) of Colombia, Venezuela and Brazil as well as NOCs of Qatar and Dubai," it said in a report published on Wednesday.

Apart from traditional oil suppliers like Nigeria, Saudi Arabia and Iraq, India's largest refiner had entered into new term contracts with NOCs of Angola, Brunei, Azerbaijan and Mexico in the last few years, the report said.

IOC and its subsidiary Chennai Petroleum Corp control 10 refineries accounting for about 30 percent of India's capacity of 4.3 million barrels per day (bpd).

In 2012/13, IOC signed term deals to import about 808,000 bpd oil, the report said. (Reporting by Nidhi Verma; editing by Malini Menon)

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