Essar Oil, IOC renew pact for product sales
New Delhi   26-Nov-2011

Essar Oil has renewed a product sale and purchase pact with IndianOil. The three-year agreement, from 2012 to 2015, will see Essar supply two million tonnes of diesel, petrol, kerosene and aviation turbine fuel annually to IOC from its Vadinar refinery.

In turn, it will buy products from IOC and the duo plans to explore the option of sharing retail infrastructure.

Mr S. Thangapandian, CEO (Marketing), Essar said, “Once the ongoing expansion project is completed, our Vadinar refinery will be able to serve our PSU customers better.” Mr Karandikar, GM-Supplies, IOC, said with the rapid growth in petroproduct demand the company was looking to hike offtake.