NEW DELHI: State-owned Indian Oil Corp (IOC) has bought the country's first shale oil from the US and is looking to step up imports from America as part of its crude diversification strategy. "In the second tender, we have bought 950,000 barrels of light sweet Eagle Ford shale oil and 950,000 barrels of heavy sour Mars crude. India allows import of crude oil only on Indian carriers but US oil can be imported only on foreign vessels. Hindustan Petroleum Corp Ltd (HPCL) is also looking at buying US crude oil. An oil ministry official had last week stated that Indian shipping lines do not have vessels to match the demand.

Source: Economic Times August 13, 2017 07:07 UTC