Indian Oil Corp Tenders for Ships to Transport LPG and Oil from Strait of Hormuz
Quick Look
- Indian Oil Corp, India's top refiner, has issued tenders for ships to transport liquefied petroleum gas and oil from ports within the Strait of Hormuz.
- This is the first such tender since a U.S.-Iran agreement, seeking to charter a VLGC, a Suezmax tanker, and a VLCC.
AI-generated summary
Why It Matters
Indian Oil Corp, India's top refiner, has issued tenders to charter vessels for transporting liquefied petroleum gas and oil from ports located within the Strait of Hormuz. This is the first such tender since a U.S.-Iran agreement.
New Delhi: Indian Oil Corp, the country's top refiner, issued tenders on Thursday to charter vessels to lift liquefied petroleum gas and oil from ports inside the Strait of Hormuz, tender documents showed.
The tenders - the first to be issued by IOC since the U.S. and Iran signed an interim agreement to end their war and reopen the waterway - are for chartering a very large gas carrier (VLGC), a Suezmax tanker and a very large crude carrier (VLCC), the documents show.
A VLCC typically carries 2 million barrels of oil, and a VLGC can hold about 45,000 metric tons of LPG - a mix of propane and butane used in India mainly as a cooking gas. A Suezmax carries about a million barrels of oil.
IOC seeks to lift LPG between June 30 and July 4 from the ports of Ras Laffan in Qatar, Mina Al Ahmadi in Kuwait or Ruwais in the UAE, the document showed.
Open Questions
- What are the specific terms of the chartering agreements?
- Will other refiners follow suit with similar tenders?
