IndianOil bars Vitol from tenders
New Delhi   09-Sep-2011

IndianOil (IOC) has barred Switzerland-based Vitol, the world's largest oil trading firm, from participating in its tenders and other state run refiners may follow suit, three people with direct knowledge of the matter said.

IOC, the country's biggest refiner, put Vitol S.A. Geneva and Vitol Asia Pte. Ltd Singapore on a list of companies barred from doing business with it from 3 September as the trader withdrew and modified a binding offer made in a crude import tender, the sources said.

Officials at IndianOil declined to comment. Vitol, responding to an email, said it never comments on commercial relationships.

IOC has informed other state-run refiners about the move and has asked them to explore the possibility of initiating similar action, the people said.