IndianOil to Double Nigeria Crude Buy

IOC and the government have managed to convince Nigeria to nearly double crude oil supplies under their long term contract.

NEW DELHI: The country’s largest oil marketing company Indian Oil Corporation (IOC) and the government have managed to convince Nigeria to nearly double crude oil supplies under their long term contract to 3 million tonnes a year from 1.7 million tonnes at present.

“Africa is likely to be a significant source of meeting India’s hydrocarbon needs in the years to come. India is looking at raising crude oil imports from Africa as part of efforts to diversify sourcing of energy and reducing dependence on the Middle East, Dharmendra Pradhan, Oil Minister said at the two-day 4th India-Africa Hydrocarbon Conference here on Thursday. 

At present, IOC procures 8 mtpa crude from Nigeria, most of it from the spot market. According to oil ministry officials, India is the only country in Asia that has been offered a term contract by the new dispensation in