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LONDON: India’s high refiner Indian Oil Corp (IOC) will not settle for cargoes of Russian crude oil and Kazakh CPC Mix cargoes on a free-on-board (FOB) foundation attributable to insurance coverage threat, based on a young discover and a supply aware of the matter.
The letter was despatched on Monday to merchants who submit cargo presents into IOC’s common crude oil purchase tenders.
IOC purchased 2 million barrels of Russian Urals for the primary time in two years earlier this month.
A supply at one other state refiner, Bharat Petroleum Corp, mentioned his agency principally buys Urals on delivered foundation, whereby freight and insurance coverage are included, not like in FOB. The supply added that merchants weren’t providing Russian barrels.
Russia and Kazakhstan are small suppliers to India. In December, the 2 nations accounted for 64,000 barrels per day (bpd) out of 4.7 million bpd.
The letter was despatched on Monday to merchants who submit cargo presents into IOC’s common crude oil purchase tenders.
IOC purchased 2 million barrels of Russian Urals for the primary time in two years earlier this month.
A supply at one other state refiner, Bharat Petroleum Corp, mentioned his agency principally buys Urals on delivered foundation, whereby freight and insurance coverage are included, not like in FOB. The supply added that merchants weren’t providing Russian barrels.
Russia and Kazakhstan are small suppliers to India. In December, the 2 nations accounted for 64,000 barrels per day (bpd) out of 4.7 million bpd.
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