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India receives its first US oil shipment at Paradip

4th October 2017

New Delhi: India on Monday received its first ever shipment of US crude oil with state-owned Indian Oil Corporation (IOC) importing a 1.6 million barrels parcel at Paradip in Odisha.

MT New Prosperity, a very large crude carrier (VLCC), with a capacity to haul two million barrels of crude, left the US Gulf Coast on 19 August and arrived at Paradip port. “IOC will process the crude at its refineries located at Paradip, Haldia (in West Bengal), Barauni (in Bihar) and Bongaigaon (in Assam),” the company said in a statement.

A function was held at the Paradip port to mark the arrival, which was attended by officials of IOC, oil ministry and the US embassy. “IOC, which became the first Indian public sector refiner to source US crude, has placed a cumulative order 3.9 million barrel (of US crude),” it said.

State-owned Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have also placed orders for about 2.95 million barrels and 1 million barrels of US crude, respectively for their Kochi and Vizag refineries. “The total volume of the crude presently contracted by Indian public sector refineries is, therefore, 7.85 million barrels,” the statement said.

 

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