NEW DELHI/MOSCOW Indian Oil Corp has bought 1 million barrels of March-loading Urals crude via a tender, the country's first purchase of the Russian grade in a year, two sources close to the matter said on Monday.
Refinery maintenance in Europe has led to an increase in Urals supply and made it economical for the grade to be sold to Asia, traders said.
The cargo, to be loaded on March 17-22, was sold by Lukoil's trading arm Litasco at a discount to dated Brent of about $2 a barrel, a third source said.
IOC bought a Urals cargo in April last year for processing at its Panipat refinery in northern India.
(Reporting by Nidhi Verma in New Delhi, Olga Yagova in Moscow and Florence Tan in Singapore; editing by David Clarke)
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Updated Date: Feb 29, 2016 16:51:58 IST