1/5/2025, 9:16:02 am

Indian Oil not in ‘active negotiations’ with Russia on crude term-deal

Indian Oil Corporation Limited (IOCL) is not actively pursuing a crude oil term-deal with Russia due to geopolitical uncertainties and sanctions. Chairman AS Sahney stated that while open to future deals, no negotiations are underway. IOCL previously had a term-deal that expired in March 2023 and now buys Russian oil on a spot basis.