INSUBCONTINENT EXCLUSIVE:
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
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