• 1 day Statoil Changes Name
  • 2 days Nuclear Bomb = Nuclear War: Saudi Arabia Will Develop Nuclear Bomb If Iran Does
  • 2 days Tillerson just sacked ... how will market react?
  • 2 days Petrobras Narrows 2017 Loss, Net Debt Falls Below $85bn
  • 20 hours Russian hackers targeted American energy grid
  • 17 hours Is $71 As Good As It Gets For Oil Bulls This Year?
  • 2 days Proton battery-alternative for lithium?
  • 2 days Ford Recalls 1.38 Million Vehicles (North America) For Loose Steering Wheel Bolt
  • 17 hours Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!
  • 21 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 2 days I vote for Exxon
  • 2 days South Korea Would Suspend Five Coal - Fire Power Plants.
  • 18 hours HAPPY RIG COUNT DAY!!
  • 2 days Why is gold soooo boring?
  • 2 days UK vs. Russia - Britain Expels 23 Russian Diplomats Over Chemical Attack On Ex-Spy.
  • 18 hours Spotify to file $1 billion IPO
The Latest Challenger To Lithium-Ion Batteries

The Latest Challenger To Lithium-Ion Batteries

A new breakthrough in battery…

Equity Markets Surge Despite Tillerson Exit

Equity Markets Surge Despite Tillerson Exit

Markets are enjoying a less-threatening…

Indian Oil Obtains Govt Approval To Import U.S. Oil Every Month


India’s biggest refiner, Indian Oil Corp, has secured government permission to import one very large crude carrier (VCCC) of U.S. crude oil every month this year, as Indian firms started buying American crude for the first time.

India allows oil imports only on Indian carriers, but U.S. crude transportation needs VLCCs, which can be done by foreign shipping companies. India’s shipping ministry has allowed Indian Oil to import one cargo from the U.S. every month in foreign carriers, Indian media report, quoting a senior official at the oil ministry.  

Last month, Indian Oil became the first Indian company to buy U.S. crude oil, purchasing 1.6 million barrels of Mars crude. A week later, Bharat Petroleum became the second Indian refiner to start buying U.S. crude oil, after Bharat purchased 500,000 bpd each of Mars and Poseidon crude, to be delivered between late September and early October. 

Just a few days ago, Bharat Petroleum bought 1 million barrels of U.S. WTI Midland sweet crude for October delivery—its first purchase of the sweet variety from the U.S, according to Indian media.

India is the latest addition to Asian customers for U.S. crude, after OPEC’s production cuts pushed prices up for the heavy sour crude oil from the Middle East.

According to India’s oil ministry official, even after shipping costs are added, Indian refiners find U.S. crude cost competitive now. 

Related: Tech Guru Unveils New Battery To Challenge Lithium-Ion

Indian Oil is now increasing imports from the U.S. and is tendering for a second purchase, according to India’s oil ministry official.

“Going forward, the company feels it can import one VLCC a month and so has obtained the permission,” the official said.

Hindustan Petroleum Corporation Limited (HPCL) also plans to buy U.S. crude oil in coming months for its 166,000-bpd refinery in southern India, according to company executives, which would add yet another Indian customer for U.S. crude.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Dan on August 10 2017 said:
    I thought with India troops massing at Chinese border and U.S.destroyer in South China Sea than something was up

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News