Indian Oil Corp buys Nigerian crude oil through Singapore subsidiary

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NEW DELHI, Nov 8 – India’s top refiner Indian Oil Corp on Wednesday began trading crude oil through its Singapore unit, buying a million barrels of Nigerian oil Akpo, the state-run company’s head of finance AK Sharma said.

IOCL Singapore Pvt Ltd has bought the parcel from Total for Dec. 8-17 loading, he said.

“We have got a very good deal,” Sharma told Reuters, adding the cargo will be co-loaded with a million barrels of Angola’s Girassol oil, which the refiner has procured under a term deal.

Sharma declined to give any details on price.

IOCL Singapore currently has two officers and, Sharma said, the company will gradually increase its workforce in line with transactions from the city state.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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