Indian Oil Corp. completes first lift of 1 million barrels of Guyanese crude

The government-owned Indian Oil Corporation Limited (IOC) on Sunday lifted its first one million barrels of Guyanese “Liza sweet crude” from the Liza Destiny.

The announcement was made by the Indian High Commission to Guyana in a tweet via its official Twitter account.

The crude is expected to reach India on August 6, 2021.

“Officials from India stated that this is an important step in diversification of sourcing for India and a possible future roadmap for India’s energy requirements,” the tweet noted.

After lengthy discussions, the purchase was confirmed back in April 2021.

According to officials from the Oil Ministry in Indian, this deal is at competitive rates and is in line with the strategy to have multiple sources of crude oil for Indian refiners.

This deal with Guyana is being made in an effort to diversify the sources of India’s imported crude oil.
Back in March, the first shipment of oil departed Guyana for India after the cargo was purchased by HPCL-Mittal Energy Ltd, a joint venture between state-run Hindustan Petroleum Corp and steel tycoon L.N. Mittal, according to a Reuters report.