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Indian Oil Corp slashes oil import tender time by halfIOC, the nation's largest oil firm, used to take 26 hours to decide on a tender for import of crude oil from spot or current market.- Oil PSUs get a free hand, can choose companies for crude buyThis will increase operational and commercial flexibility of oil companies and enable them to adopt the most effective procurement practice...
- Government expanding list of foreign firms to buy crude oilOf the imports, 80.51 million tons will be done on term contract and the remaining 19.09 million tons on spot tender basis.
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