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)