New Delhi, July 29: Indian Oil is negotiating a term contract for six million barrels of Basrah Light crude from Iraq, a trade official said on Monday. He said IOC was in touch with Iraq's State Oil Marketing Organisation (SOMO) for the term contract.
"Talks are going on for six million barrels. There are several issues being discussed. It will take a few more days before a clear picture emerges," the official, who did not want to be identified, said.
State-run IOC and oil ministry officials declined to give details about the negotiations.
"All I can say is that IOC is negotiating with Iraq for a term contract," petroleum secretary BK Chaturvedi said late on Monday.
IOC wants a term contract for three million tonnes a year or 60,000 barrels per day of Basrah Light, which company officials say gives IOC the best refining margins.
Bureau Report