Indian Oil Corporation, Indian Oil Corporation is an Indian oil and gas company, the largest company in modern India.
Indian Oil Corp. resumed buying Russian crude oil delivered on a tanker owned by Sovcomflot PJSC, paving the way for a restoration of oil flows between Russia and India, after tightened US penalties had disrupted shipments. Indian state-owned oil refining company Indian Oil Corporation (IOC) is busy looking for alternative sources of crude oil after the US imposed a major package of sanctions that affected the supply of "black gold" from Russia. Indian Oil Corporation (IOC), the nation's largest oil firm, is buying "clean" Russian crude oil that does not risk running foul of US sanctions, confirmed by its Chairman Arvindar Singh Sahney. Indian Oil Corp, the country's top refiner, has bought five cargoes of Russian oil for December arrival from non-sanctioned entities, traders said, resuming purchases despite pressure from Washington on India to stop buying Russian oil.
Signed new deal to import Russian oil but has paused spot purchases of Russian shipments that will arrive after the Dec 5, 2023 deadline. Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp have signed a term agreement to substantially increase oil supplies and diversify oil grades delivered to India. Rosneft and Indian Oil Corp have yet to renew an oil supply deal that expired in March 2024 after they failed to agree on price and volumes, forcing India's top refiner to return to spot markets. IOC and Rosneft could still sign the deal if they can agree on terms, but in the meantime the Indian firm will buy Russian oil on spot markets. India's largest oil refiner and fuel retailer, IndianOil, said it would comply with international sanctions, without citing the latest US restrictions on Rosneft and Lukoil, Russia's two largest crude oil exporters.