The government-owned Indian Oil Corporation Limited (IOC) is set to buy a consignment of Guyana’s crude oil from production offshore in the Stabroek block, according to reports by the Business Standard, a daily Indian newspaper.
“According to oil ministry officials, this deal is at competitive rates and is in line with the strategy to have multiple sources of crude oil for Indian refiners,” the Business Standard reported recently, adding that this deal with Guyana is being made in an effort to diversify the sources of India’s imported crude oil.
Indian High Commissioner to Guyana, Dr. K. J. Srinivasa, when contacted on Sunday, could not confirm the reports since engagements are ongoing. Instead, he noted that a press release would be issued at the appropriate time.
