Indian oil importer interested in signing supply contracts with Angola

11 January 2011

Mumbai, India, 11 Jan – The Indian Oil Corporation (IOC), India’s largest oil importer, has restated its interest in increasing imports from Angola, a company official told Indian newspaper, Business Standard.

Currently, around 5 percent of India’s crude oil imports, or 9 million tons, come from Angola, following futures contracts signed by the two countries.

“Although we have been importing a lot of oil from Nigeria, we plan to increase the number of futures contracts signed with Angola, thus reducing our dependence on the spot market,” the IOC official told the newspaper.

Another senior IOC official added that the company was focusing on the new refinery in Paradip, capable of processing 15 million tons of oil per year as of March, 2012, and that it planned to reduce its dependence on Nigerian oil. (macauhub)