Shale Boom Brings Latin American Oil Bonus For Indian Refiners

IOC plans to buy 10,000 bpd from Colombia in 2014/15 and wants to buy oil from Venezuela, its executive director, G. K. Satish, said. It has been buying Mexican oil since 2012 and aims to get a trial cargo of Brazilian crude next month.

MRPL targets as much as 40,000 bpd - about 15 percent of its overall needs - from Latin America in the next fiscal year beginning April 1 as it is in the process of starting a 3-million-tonne-a-year coker unit, Managing Director Upadhya said.

"After Iran I realised we have to have a survival strategy, which is diversification. Also, because of depressing margins I realised we have to test new grades and buy opportunity crude."

(Additional Reporting by Krishna Das in NEW DELHI, Chen Aizhu in BEIJING, Marianna Parraga in HOUSTON; Writing by Jo Winterbottom; Editing by Muralikumar Anantharaman)


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