IndianOil has finalised a term contract for import of up to 3.0 MMT (million metric tonnes) of crude oil of US origin grades as a part of its strategy to diversify term crude sources. The contract was finalised on Friday, 15th February 2019.
The approximate value of the contract works out to USD 1.5 Billion. This is the first term contract finalised by any Indian PSU oil company for import of US origin crude oil grades.
