IOC to import oil from Iraq (14/04/05)

Indian Oil Corporation (IOC) will be importing 8.4 million tonnes (mt) crude oil on a term contract basis from Iraq, which is larger than the amount it planned to get from Saudi Arabia during 2004-05, according to reports.

The Saudi term contract negotiated so far is only for 4.5 million tonnes and that is only as a rollover from the previous year`s commitment. The firming of the contract with Iraq assumes greater importance, since supplies from that country had dwindled because of the war.

The company will import 24.8 million tonnes crude on term contracts during the current year which will be about 3.8 mt higher than 2004-05.