Singapore, Feb 2: Indian Oil Corp. (IOC) bought around 4 million barrels of West African crude in a

Singapore, Feb 2: Indian Oil Corp. (IOC) bought around 4 million barrels of West African crude in a tender for end-March and April loadings, matching the volume in its previous tender purchase, traders said on Friday.

IOC bought a Very Large Crude Carrier (VLCC) comprising a cargo of Nigerian Escravos crude together with a parcel of Angolan Girassol. The second VLCC is a combination of Nigerian Bonny Light with Girassol crude, traders said.

A trader said Angolan state oil firm Sonangol had sold the two VLCCs. But another trader said Sonangol had sold only one VLCC, while U.S. major Chevron sold the Girassol-Escravos combination.

Other traders said details of the sellers had yet to emerge. The deals had yet to be confirmed.

Escravos traded at around a $1.40-a-barrel premium to dated BFO on a free-on-board basis, while Girassol was sold at around a $1.70-discount to dated Brent. Bonny was done at around a $2.30-premium, a trader said.

In its previous tender, for end-February and March loading crude, IOC had also bought two VLCCs of West African crude, adding to a hefty 4.8 million barrels bought earlier for the same loading period. These purchases took the total volume bought for end-February and March loading to 9.8 million barrels.

State-owned refiners IOC and Bharat Petroleum, as well as Reliance, have been ramping their crude imports over the past two months, and traders have said crude demand in India seems to be increasing so far this year.

REUTERS