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|18 February, 2019

Indian Oil signs first annual deal to buy up to 3mln T U.S. oil

State-run IOC had previously purchased U.S. oil from spot markets

A worker prepares to fill the tank of a car at a Lanka India Oil fuel station in Colombo April 25, 2012.

A worker prepares to fill the tank of a car at a Lanka India Oil fuel station in Colombo April 25, 2012.

REUTERS/Dinuka Liyanawatte

NEW DELHI - Indian Oil Corp, the country's top refiner, has signed its first annual deal to buy up to 3 million tonnes or 60,000 barrels per day of U.S. oil, its chairman Sanjiv Singh said on Monday.

State-run IOC had previously purchased U.S. oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of U.S. oil between November to January. 

Singh said the annual contract will begin from April. He declined to give the name of the seller and pricing details citing confidentiality.

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(Reporting by Nidhi Verma; Editing by Sanjeev Miglani) ((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters Messaging: nidhi.verma.thomsonreuters.com@reuters.net))

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