IOC wants ministry help to buy Iraqi crude

Vol 6, PW 22 (15 Jan 03) News in Brief

Indian Oil wants Shastri Bhawan's help in buying crude from Iraq under the United Nations Oil for Food Programme.

Basrah Light is well suited for IOC's refineries and IOC now wants to sign a term contract with Iraq's State Oil Marketing Organisation to import 1.5m tonnes of Basrah Light under the 13th phase of the Oil for Food Programme. IOC's last term contract with SOMO was for the supply of 810,000 tonnes of Basrah Light from June 2000 to December 2000 under the eighth round of the Oil for Food Programme.

"No crude has been allocated to us from Iraq since this period," we learn. "We want the government to intervene on our behalf with Iraq." Shastri Bhawan has approached the Indian foreign ministry on behalf of IOC.