IOC buys around 4 mln bbls Nigerian

Singapore, Feb 16: Indian Oil Corp. (IOC) has bought close to 4 million barrels of Nigerian crude through a spot tender, bringing to at least 9 million barrels the total volume bought for late March and April, traders said on Friday.

Details were still unclear, but IOC bought two Very Large Crude Carriers (VLCCs), comprising Escravos and Bonny Light crude, traders said.

A trader said it might also have bought some Bonga crude.

European trader Vitol was heard to be the seller of at least one of the two VLCCs.

IOC cancelled a similar tender last week.

IOC in its previous spot tender had already bought 5 million barrels for end-March and April loadings, the highest volume imported by the state-run company via a single tender in two months.

IOC bought 8.8 million barrels for end-February and March loading crude through two tenders.

It will also buy 2 million barrels a month of Nigerian Escravos crude through a term tender for second quarter lifting, traders said on Monday, from U.S. major Chevron.

IOC, which has about 10 refineries spread across India for a total capacity of 1.204 million barrels per day, tenders several times a month to buy crude, mainly West African grades.

Reuters