Indian Oil Corp starts crude oil trading through Singapore subsidiary

crude oil prices

India’s top refiner Indian Oil Corp on Wednesday began trading crude oil through its Singapore unit, buying a million barrels of Nigerian oil Akpo, the state-run company’s head of finance AK Sharma said.

IOCL Singapore Pvt Ltd has bought the parcel from Total for Dec. 8-17 loading, he said.

“We have got a very good deal,” Sharma told Reuters, adding the cargo will be co-loaded with a million barrels of Angola’s Girassol oil, which the refiner has procured under a term deal.

Sharma declined to give any details on price.

IOCL Singapore currently has two officers and, Sharma said, the company will gradually increase its workforce in line with transactions from the city state.

Agency Report