Nigerian and Venezuelan crude for India

Vol 4, PW 7 (10 May 00) News in Brief

A team of Indian Oil Corporation (IOC) officials is scheduled to visit Nigeria to finalise contracts for the supply of6m t/y of sweet crude to India.

On 29th March, Indian foreign minister Jaswant Singh, on a visit to Nigeria, said a deal would be finalised by June 30th. Meanwhile, Venezuela has announced it is to resume crude exports to India after a gap of nearly 20 years.

In a statement released on May 1st, Venezuelas ambassador to India Walter Marquez said the first 2m barrels of crude is destined for Reliance's 27m t/y refinery at Jamnagar. Marquez said the crude would arrive at Jamnagar in June.