IndianOil plans five new oil deals
New Delhi   09-May-2013

IndianOil plans to add three Latin American and two middle-eastern countries to its annual oil purchase deals during the fiscal year through March, a Parliamentary Committee said, as the energy-hungry nation diversifies its crude basket.

"For 2013-14, new term contracts are being proposed with NOCs (national oil companies) of Colombia, Venezuela and Brazil as well as NOCs of Qatar and Dubai," it said in a report published on Wednesday.

Apart from traditional oil suppliers like Nigeria, Saudi Arabia and Iraq, India's largest refiner had entered into new term contracts with NOCs of Angola, Brunei, Azerbaijan and Mexico in the last few years, the report said.

In 2012-13, IndianOil signed term deals to import about 808,000 bpd oil, the report said.