IOC plans to increase crude import from Nigeria
State-run Indian Oil Corp plans to increase annual term crude oil imports from Nigeria by 50 per cent to three million tons and is seeking petrochemical and refinery ventures in the African nation and its neighbouring countries.
By PTI |
NEW DELHI: State-run Indian Oil Corp plans to increase annual term crude oil imports from Nigeria by 50 per cent to three million tons and is seeking petrochemical and refinery ventures in the African nation and its neighbouring countries.
Nigeria, which currently supplies two million tons of crude to IOC on annual term contract basis, has agreed to supply at the rate of 60,000 barrels of oil per day during December to February and will renew it thereafter, a company official said.
The annual contract with Nigeria runs from October to September.
IOC is planning to import 45 million tonnes of crude this fiscal. Of this, 30 million tons will be on term contract from countries including Iraq, Kuwait, Saudi Arabia, United Arab Emirates, Iran, Oman, Malaysia and Nigeria.
Company Director (Business Development) B M Bansal said IOC is seeking oil and gas fields in the African continent and has held meetings with leaders from Nigeria, Sudan, Ethiopia, Malawi, Mauritania and Mozambique during the India-Africa Hydrocarbon Conference here.
"We are keen to take oil fields so as to feed our refineries (in India). We can also set up refineries in these countries subject to oil fields being made available to us," he said.
IOC is also keen on gas business and is mulling LNG imports from countries such as Nigeria. It has also expressed interest in setting up petrochemical plants in these countries if sufficient gas was available.
Nigeria, which currently supplies two million tons of crude to IOC on annual term contract basis, has agreed to supply at the rate of 60,000 barrels of oil per day during December to February and will renew it thereafter, a company official said.
The annual contract with Nigeria runs from October to September.
IOC is planning to import 45 million tonnes of crude this fiscal. Of this, 30 million tons will be on term contract from countries including Iraq, Kuwait, Saudi Arabia, United Arab Emirates, Iran, Oman, Malaysia and Nigeria.
Company Director (Business Development) B M Bansal said IOC is seeking oil and gas fields in the African continent and has held meetings with leaders from Nigeria, Sudan, Ethiopia, Malawi, Mauritania and Mozambique during the India-Africa Hydrocarbon Conference here.
"We are keen to take oil fields so as to feed our refineries (in India). We can also set up refineries in these countries subject to oil fields being made available to us," he said.
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IOC is also keen on gas business and is mulling LNG imports from countries such as Nigeria. It has also expressed interest in setting up petrochemical plants in these countries if sufficient gas was available.
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