Abu Dhabi: India’s downstream major Indian Oil Corporation (IOC) is exploring purchases of long term crude from the United States as well as other alternative suppliers, its chairman said in Abu Dhabi on Wednesday.
Asked if IOC is looking at long term purchases from the US, he said, “absolutely. We can process 170 types of crude and nothing is restricted,” said Sanjiv Singh.
IOC has about eleven refineries in India, according to the company’s website.
He said IOC is currently getting cargo of crude from the US but he did not specify exactly how much.
When asked about alternative supplies for crude, he said “the whole world is open.”
IOC along with other public sector companies of India lifted 1.25 million tonnes of crude last month from Iran but the quantity could vary in the coming months, he added.
Indian is among eight countries that has secured waivers to buy crude from the US to keep importing Iranian oil as cutting purchases to zero would affect the energy industry and boost fuel cost.
Speaking on oil prices, he said volatility in oil prices is not good both for consuming countries as well as for producers.