IOC taps US equity oil to fill Iran void

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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