Indian Oil signs first annual deal to buy up to 3 million tonnes US oil

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.

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Singh said the annual contract will begin from April.

He declined to give the name of the seller and pricing details citing confidentiality.