India’s top refiner has issued its first tender to buy high-sulphur, or sour, crude from North America as it seeks to diversify imports. The purchase comes after Indian Prime Minister Narendra Modi’s visit to the United States last week when President Donald Trump said the U.S looked forward to exporting more energy products to the world’s third-biggest oil buyer.
State-owned Indian Oil Corp has issued a tender to buy up to 2 million barrels of sour crude from North America and Canada to meet its growing demand.
IOC is ramping up output at its new 300,000 barrels per day Paradip refinery and has stepped up sour crude purchases this year.
India joins China and Japan in casting their nets further to North America to source for competitively priced sour crude after heavy oil production in the Middle East and Latin America fell on OPEC-led output cuts and lack of investments.
IOC is seeking to buy the crude grades Mars, Southern Green Canyon and Thunderhorse from the U.S. and Western Canadian Select from Canada in the tender.[/vc_column_text]
