IOC signs 1st term contract for Russian crude oil

Indian Oil Corp (IOC) and Russian Rosneft signed 1st term contract for importing 2 Million Metric Tonnes of Urals grade crude oil to India for the year 2020. India is the 3rd largest Energy Consumer in the world, India imports globally 83% of oil to meet its oil need. India has to enlarge its sources for oil imports away from the Middle East oil-producing countries.

India made a strategy to expand its oil source India’s strategy for Diversification (Importing crude oil from non-OPEC countries) and the term contract is also under the part of the strategy.

Important takeaways for all competitive exams:

• Headquarters of Indian Oil Corp: New Delhi, Mumbai (Registered Office)
• Founded of Indian Oil Corp: 1959.
• Chairman of Indian Oil Corp: Sanjiv Singh.

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