Indian Oil Corp Eyes Sour Crude from Spot Market

17 Jan 2025 CW Team

Indian Oil Corporation (IOC), the largest oil refiner in India by capacity, is actively seeking to procure high-sulphur crude oil through spot tenders. This marks the company's first initiative to import sour crude oil since March 2022, according to insights shared by trade sources on Thursday. Sour crude, known for its higher sulphur content, is commonly used by complex refineries capable of processing such grades efficiently.

In addition to the sour crude tender, IOC has also floated a separate tender for sweet crude oil, a variety with lower sulphur content that typically requires less intensive refining processes. By issuing tenders for both sour and sweet crude, the company appears to be diversifying its crude sourcing strategy to ensure a balanced supply mix suitable for its refining operations.

According to the trade sources, the company is targeting crude shipments scheduled for loading between March 1 and March 15. The timeline for these tenders is precise, with the bidding process set to conclude on Thursday and the submitted bids remaining valid until Friday. These developments underline IOC's proactive approach to securing crude oil supplies to meet the energy demands of India's growing economy.

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