Indian Refiners Seek Import Change

摘要

India's state-owned refiners are seeking to change the country's crude oil import policy to enable them to buy distressed cargoes, a step refiners believe could help them cut crude import costs and improve margins. Under existing rules, the shipping ministry bars refiners from procuring cargoes on a cost and freight basis in the interests of Indian insurers and shippers. This means refiners are unable to buy cheaper distressed cargoes that in most cases have already been loaded onto tankers.