IOC to import 5 MT of Basrah crude

The country’s largest refiner Indian Oil Corp will import 5 million tonne of Iraqi basrah light crude oil in 2004. ‘‘We are importing 9 million barrels (1.1 million tonne) of basrah light crude oil during October-December. Next year, we will get 5 million tonne,’’ IOC chairman M.S. Ramachandran said. Besides IOC, BPCL is likely to import 1.5 million tonne of Iraqi Basrah light crude oil in 2004 while HPCL may import 1.2 million tonne. Private sector Reliance Industries’ may import little over 3 million tonne of basrah light crude oil from Iraq next year. Iraqi basrah light crude is a cheaper alternative for Indian refineries’ mainstay imports of Saudi Arabia’s Arab light and medium sour grade Oman. It is normally priced below both. In 2001-02, India imported 3.8 million tonne of crude oil from Iraq (2.718 million tonne by Reliance, 0.9 million tonne by oil PSUs and the remaining by MRPL.