Indian Oil Corp (IOC) has excluded several high-sulfur crude grades, including Russian Ural, from its latest tender.
see photosAn Indian Oil tanker driver waits outside a fuel depot in Mumbai
Indian Oil Corp (IOC) has excluded several high sulfur crude grades, including Russian Ural, from its latest tender, trade sources said on Tuesday.
India’s top refiner informed market participants that Das, Eugene Island, Thunder Horse and Ural crude were no longer in the grade list under its latest tender, which closes on Tuesday, sources said.
IOC imports crude oil for itself and on behalf of its Chennai Petroleum subsidiary.
Chennai is now seeking sweet crude instead of sour oil as it has received some high-sulfur crude from IOC, said one of the sources familiar with the matter. The sources spoke on condition of anonymity.
US President Joe Biden told Indian Prime Minister Narendra Modi late on Monday that buying more oil from Russia is not in India’s interest and could hamper America’s response to the war in Ukraine.
The IOC did not immediately respond to a request for comment.
The refiner is running two tenders this week to demand separate sweet and sour crudes for May-June loading.
In previous tenders, IOC purchased 6 million barrels of Russian Urals for May loading.
(Reporting by Nidhi Verma in New Delhi and Florence Tan in Singapore; Editing by David Goodman)
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