Indian Oil Corporation (IOC) has bought light sweet Hibernia crude from Canada’s largest oil company, doing the deal after the opening of the arbitrage for Canadian oil to flow to Asia. This was also the first time that Suncor Energy has sold a cargo of offshore Canadian crude to IOC.
IOC previously bought a cargo of Canadian White Rose oil in November 2013. State-refiners like IOC were last year given the freedom to draw up the crude import strategies that would allow them to make swift gains from changing market dynamics.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.