Indian Oil maintains oil agreement with Iraq

27 Nov 2024 , 12:17 PM

Indian Oil Corporation Limited stated that it has maintained its annual crude import arrangement with Iraq. The said import as per reports stands at 21 million tonnes for 2025, a senior company executive stated.

Anuj Jain, the company’s head of finance, stated that of the 21 million tonnes, about 12 million tonnes are firm and 9 million tonnes are optional acquisitions. 

The corporation satisfies around 55-57% of its oil demand through annual agreements with large producers.

Indian Oil, like other Indian refiners, is trying to increase its Russian oil imports, Jain said.

Due to decreased refining and marketing margins, state-run Indian Oil Corporation Ltd (IOCL) completed the second quarter of FY25 (July-September) with a net loss of ₹169.58 Crore (attributable to the owners), compared to the ₹13,114.3 Crore net profit recorded in Q2 FY24. On a quarter-on-quarter basis, the oil marketing company’s net profit slipped from ₹3,528.5 Crore in the June 2025 quarter.

A BSE smallcap business has received proposals worth more than ₹70 Crore from PSUs Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation Ltd. The company will supply bitumen to both companies.

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