Another 1.5m tonnes Malaysian crude for IOC

Vol 5, PW 26 (27 Feb 02) News in Brief

Indian Oil plans to buy 1.5m tonnes of Malaysian crude in 2002-03 by renewing its annual term contract.

PETROWATCH learns IOC last year contracted to buy 1.5m tonnes of crude from Malaysia through state-owned Petronas. IOC's Barauni and Haldia refineries process Malaysian crude.

Labuan and Miri crude oils of 30.6 API and 29.6 API respectively are the varieties of Malaysian sweet crude oils traditionally imported by Indian Oil. In 2000, IOC also began importing Tapis crude of 44.7 API.

Malaysia's crude oil reserves are estimated at 500m tonnes, while annual production is 36.6m tonnes and domestic consumption is 17.4m t/y.