Indian Oil Corporation (IOC) has bought 3 million barrels of Russian Urals crude for June loading in a tender. The company has stepped up purchase of Russian grade as Brent-linked grades become competitive against those priced on Dubai after the price spread between the two benchmarks narrowed. IOC issued second tender for sour crude to close on April 19. The company last bought 1 million barrels of Urals each to load in May and March.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.