Indian Oil Corp. plans to start a joint venture with commodities trader Vitol Inc. in Singapore to trade oil and fuel products early next year, a person familiar with the development said.
The agreement will include a clause requiring Vitol’s exit after five to seven years, said the person, who asked not to be named as talks aren’t public. The New Delhi-based refiner had held talks with several other companies, including BP Plc and TotalEnergies SE, but finally decided to move ahead with Vitol, the person said.
Global trading giants have lost some hold over India’s market as the country turned to cheaper Russian barrels for its spot purchases. With India expected to lead global oil demand growth, they are now trying to regain ground. Teaming up with Indian Oil could give Vitol a stronger presence in the country as it cuts back on Russian oil due to sanctions from the West.
Indian Oil and Vitol didn’t respond to messages seeking comment.
Indian Oil will capitalize on the strength of the global trader which has access to real-time market intelligence, in addition to its wider reach and established risk management systems. That may help the Indian company source crude at lower prices.
The refiner, which meets nearly 90% of its oil demand via imports, is likely to see a surge in consumption as its crude processing capacity is expected to expand by 346,000 barrels a day to 1.76 million barrels next year.
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