The first US crude oil cargo of 1(point) 6 million barrels bought by Indian Oil Corporation from the US reached Paradip Port today. Indian Oil will process the crude at its East-Coast base refineries, located at Paradip, Haldia, Barauni and Bongaigaon.
Indian Oil, which became the first Indian public sector refiner to source US crude has placed a cumulative order 3.9 million barrel from the US. Bharat Petroleum has also placed orders from the US for about 2.95 million barrels and Hindustan Petroleum 1 million barrels for their Kochi and Vizag refineries.
New arrangement would also provide price stability and energy security for India, which is experiencing growth in demand for petroleum products.