First US crude oil cargo of 1.6 million barrels bought by the Indian Oil Corporation limited (IOCl) from the US was received at the Paradip Port on Monday. A sample of the crude was symbolically presented to Ministry of Petroleum and Natural Gas Joint Secretary (International Cooperation) Sunjay Sudhir.
A Very large Crude Carrier (VlCC), MT New Prosperity of 2 million barrels capacity of crude, had left the US Gulf Coast on August 19 and arrived at the Paradip Port on Monday. The IOCl would process the crude at its east-coast base refineries located at Paradip, Haldia, Barauni and Bongaigaon.
The IOCl, which became first Indian public sector refiner from India to source US crude has placed a cumulative order 3.9 million barrels from the US.
The Bharat Petroleum and Hindustan Petroleum, India's two other public sector refiners have also placed orders for about 2.95 million barrels and 1 million barrels respectively for their Kochi and Vizag refineries from the US.
The total volume of the crude presently contracted by Indian public sector refineries is, therefore, 7.85 million barrels. The three refiners are sourcing sweet, sour and heavy crudes for their refineries which are equipped to handle complex mix of crude oils.