India sources crude oil from Guyana
With the intention to reduce the dependency on its traditional suppliers, primarily Middle East nations, India has diversified its crude oil sourcing from Guyana, following which the first 1 million barrel Liza crude departed on Sunday for India.
Monday, 5th July 2021
Guyana: With the intention to reduce the dependency on its traditional suppliers, primarily Middle East nations, India has diversified its crude oil sourcing from Guyana, following which the first 1 million barrel Liza crude departed on Sunday for India.
Notifying about the development, the Indian High Commission in Guyana stated in a tweet, "Concrete step in Indo-Guyana economic relations,1st 1 million barrels Liza crude for @IndianOilcl loaded from FPSO Liza Destiny destination, improved cooperation+important move in the diversification of crude sourcing+future roadmap.”
https://twitter.com/IndiainGuyana/status/1411713361172066304?s=20
The cargo is supposed to reach Paradip Port in Odisha in August. As per the reports, India begins exploring options after the Organization of the Petroleum Exporting nations, and its alliance partners (OPEC+) extended the production cuts, which India had opposed. The development has led to a rise in fuel prices. Notably, India is the 3rd biggest oil importer and consumer in the world. It imports around 84 % of its overall crude oil. Out of which, more than 60 % was being imported from Middle East nations. Also, earlier this year, in April, the first 1 million-barrel cargo of Guyana's Liza light crude arrived in India. The oil was purchased by Hindustan Petroleum Corporation Limited. A few days ago, the petroleum ministry told in a tweet, "Under a G-to-G arrangement between India & Guyana, @IndianOilcl procured 1 million barrels of Liza crude. This is the 1st Guyanese crude oil purchase by an Indian PSU refiner, which is supposed to arrive at Paradip port in the 1st week of August." "The crude buying from Guyana marks an important step in the diversification of crude sourcing by India. Moreover, a beginning of a future roadmap of extended collaboration in oil and gas sector among Guyana," it added. "Guyanese crude being loaded from FPSO Liza Destiny upon crude tanker 'Militos' for transportation to our Paradip Refinery. Certainly a giant step by India & #IndianOil towards diversification of crude sourcing," state-owned IOCL said.Latest
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