ABU DHABI:Indian Oil Corp, the country's top refiner, is considering importing Russian oil, its chairman Sanjiv Singh said on Monday, as the company aims to diversify its oil import sources.India, the world's third-biggest oil importer and consumer, ships in about 60 per cent of its overall crude needs from the middle-eastern countries.
The nation is gradually tapping new sources to hedge itself against geopolitical risks.State refiners - IOC, Hindustan Petroleum Corp Ltd, Bharat Petroleum Corp Ltd and Mangalore Refinery and Petrochemicals Ltd - hardly buy Russian oil as high transportation costs make the crude costly compared to the grades in Middle East."We are exploring all options, we are discussing," Mr Singh said, when asked if his company would sign a term contract with Russian companies.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India.
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
Music
Trailers
DailyVideos
India
Pakistan
Afghanistan
Bangladesh
Srilanka
Nepal
Thailand
Iraq
Iran
Russia
Brazil
StockMarket
Business
CryptoCurrency
Technology
Startup
Trending Videos
Coupons
Football
Search
Download App in Playstore
Download App
Best Collections