IOC Likely To Buy American Sour Crude

India’s largest state-owned commercial enterprise, Indian Oil Corporation issued its first ever tender to buy high-sulphur or sour crude from North America as it seeks to diversify imports as reported by a leading news agency.

India's largest oil refiner is looking for buying the crude grades Mars, Southern Green Canyon and Thunderhorse (crude from the Gulf of Mexico) from the United States and Western Canadian Select from Canada in the tender.

IOC was trading in the positive territory for the first half of Tuesday’s trading session but slipped to the red zone in the second half. The stock closed at Rs 382.15 per share down by Rs 4.55 per share or 1.18%. The stock underperformed major stocks in Oil & Gas sector and BSE Oil and Gas index.

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