News Snapshot:
New Delhi: Indian state refiners plan to lock-in more of their crude supplies in term deals, worried that tighter Western sanctions on Russia, including from the EU, could curb future supplies in already tight markets, sources at state refiners said. Indian Oil Corp, the country’s top refiner, and Bharat Petroleum Corp are seeking term deals with countries, including the United States, industry sources said. “We are preparing for a back up plan. When the world is uncertain because of Russia-Ukraine conflict we need to have all options open,” said an official at one state refiner. The move towards term deals...
