Indian Refiners in Talks with SOMO

By John Lee.

Indian state refiners Indian Oil Corporation and Hindustan Petroleum Corporation are holding talks with Iraq’s State Oil Marketing Organization (SOMO) to buy 4 million barrels of Basra light crude oil for India’s strategic petroleum reserves (SPRs).

Bombay Stock Exchange had sought clarification from Hindustan Petroleum following press reports; Hindustan subsequently confirmed the talks.

Indian Strategic Petroleum Reserves Limited (ISPRL), a wholly owned Government Company, has constructed a rock cavern for storing crude oil at Visakhapatnam on the east coast of India.

(Sources: Reuters, Hindustan Petroleum)