IOC cancels buy-tender for Sept sweet crude

SINGAPORE, June 23 (Reuters) State-run Indian Oil Corp has cancelled a tender to buy sweet crude for September loading, traders said on Friday.

The reasons behind the cancellation were unclear, a trader said, and a company source declined to comment on the outcome of the tender.

IOC bought around 2.5 million barrels of sweet crude in a regular tender for end-July and August-loading cargoes last week.

It bought a cargo of Malaysian Miri crude, together with a Very Large Crude Carrier (VLCC) of West African crude comprising an Angolan Girassol and a Nigerian Escravos cargo [ID:nSP136286].

State-run IOC, which has a total refining capacity of around 1 million barrels per day (bpd), tenders several times a month to buy crude, mainly West African.

REUTERS PV HS1616