The Indian Petroleum Ministry, which has permitted the buying of Mangala crude by RIL and Essar Oil, including Indian Oil Corporation Limited (IOC), is yet to take a stand on private refiners purchasing the crude.
Cairn Energy recently reached a contract with IOC to sell the Rajasthan crude at about 14% discount to Bonny light crude, crude produced in Nigeria. Hindustan Petroleum Corporation Limited, which can take about 0.5 million tones of the crude for its Vizag unit, and Mangalore Refinery and Petrochemicals Limited, which wants about 1.2 meters, are negotiating prices for the Mangala crude.
