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INDIAN (B)

IOC taps US equity oil, extra Saudi supplies to fill Iran void

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Indian Oil Corporation chairman Sanjiv Singh on Friday said the term contracts have been signed with Equinor (formerly Statoil) of Norway and Sontrach of Algeria for a total volume of 4.6 million tonne in 2019. According to US agencies, both companies have a stake in oil and gas fields in the US. This means that India has substituted Iranian supplies with US equity oil.



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