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State-owned Bharat Petroleum’s sister corporations – Indian Oil (IOC) and Hindustan Petroleum (HPCL) – are additionally exploring prospects to enter into time period settlement with Russia for imports of crude oil.
On Wednesday, a supply confirmed BPCL’s plan to enter right into a time period contract with Russia, not on authorities’s route, however contemplating the price benefit that the Russian crude can provide now.
Whereas each IOC and HPCL declined to touch upon the matter, a supply conscious of the event stated, “Indian oil firms have by no means had time period contract with Russia for imports of crude. No matter amount is procured from Russia is from the spot market. Nevertheless, new avenues for time period can all the time be checked out.”
The lion’s share of India’s import of crude oil is from the Center East on time period contract. India is the third largest importer of crude oil on this planet.
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