By Sandeep Pattnaik
Paradip, 2nd October 2017: The first US crude oil cargo of 1.6 million barrels bought by Indian Oil Corporation from the US was received at Paradip Port on Monday. IOCL will process the crude at its East-Coast base refineries, located at Paradip, Haldia, Barauni and Bongaigaon.
“The inclusion of the US as a source for crude oil imports by India’s largest refiner will go a long way in mitigating the risks arising out of geo-political disruptions,” Sunjay Sudhir, Joint Secretary (International Cooperation), in the Ministry of Petroleum & Natural Gas said, calling it as a new chapter in the history of Indo-US trade, particularly in the oil and gas sector.
He hoped that the new arrangement would also usher in price stability and energy security for India, which is witnessing robust growth in demand for petroleum products.
A sample of the crude was symbolically presented to Anish Aggarwal, Director (Pipelines), IndianOil. Munu Mahawar, Joint Secretary, Ministry of External Affairs, Govt. of India; Ms. Katherine B Hadda, US Consul General in Hyderabad. Senior Officials from Ministry of External Affairs and IndianOil were also present at the ceremony.
