September 25, 2018 / 5:04 PM / 3 months ago

TABLE-India allows refiners to import 35 pct oil on CIF basis

    NEW DELHI, Sept 25 (Reuters) - India has for the first time
allowed state refiners to buy 35 percent of their oil imports in
tankers arranged by the seller, a document reviewed by Reuters
showed, enabling them to swiftly tap cheaper cargoes.
    India had previously allowed state-refiners to buy only
15.48 percent of their estimated 118.15 million tonnes of oil
imports in the current fiscal year to March 31 on a Cost,
Insurance and Freight (CIF) basis, meaning the seller arranges
the vessel and insurance. 
    State refiners - Indian Oil Corp, Bharat Petroleum
Corp, Hindustan Petroleum Corp and Mangalore
Refinery and Petrochemicals Ltd- account for about 60
percent of India's overall 251.9 million tonnes refining
capacity.
    Below are details of volumes allowed under the eased rules.
Volumes are in million tonnes. 
    
                               Financial Year 2018-19
 Company    Estimaed    Previous C.I.F  Additional Permission
 Name       Imports    Imports Limit    
                                                             
 MRPL           13.15             4.40                   0.20
 IOC            65.00             6.39                  16.36
 BPCL           25.50             6.05                   2.88
 HPCL           14.50             1.45                   3.63
 TOTAL         118.15            18.29                  23.07
 
        
    

    
 (Reporting by Nidhi Verma; Editing by Emelia Sithole-Matarise)
  
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