Business EconomyPosted at: Jan 21 2016 8:09PM

Nigeria doubles term-contract crude supply to IOC

New Delhi, Jan 21 ( UNI) Indian Oil Corporation (IOC) will buy three million tonnes of Nigerian crude under term contract in 2016, nearly double the volume it purchased in 2015.
IOC buys some eight million tonnes of crude oil from Nigeria annually, the bulk of it from spot market where prices are highly volatile. On the other hand, term contract not only assures supply but also lower price.
"Nigeria has now agreed to increase the term contract from 1.7 million tonnes per annum to 3 million tonnes in 2016," Petroleum Minister Dharmendra Pradhan said today.
The new government in Nigeria recently overhauled oil contracts. For 2016, Nigeria signed term contracts for 9,91,000 barrels per day of oil or half of its around 2 million bpd of production.
Nigeria is India's third biggest oil supplier. It was behind only Saudi Arabia at 19.56 million tonnes and Iraq at 17.01 million tonnes in terms of supplies.
UNI NM ABI AJ 2008

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Severe coal crisis: RINL to call for global tenders to procure 1 50L tons coal

18 Apr 2024 | 7:29 PM

Visakhapatnam (Andhra Pradesh), Apr 18 (UNI) In the backdrop of severe Coal crisis due to the ongoing strike at Adani Gangavaram Port Limited (AGPL),Rashtriya Ispat Nigam Limited (RINL) - Visakhapatnam Steel Plant (VSP), has embarked on a relentless mission to secure the crucial raw material of coal, which is essential for its safe and sustained operations.

Nigeria doubles term-contract crude supply to IOC

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Severe coal crisis: RINL to call for global tenders to procure 1 50L tons coal

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