India MRPL signs first term deal with Iraq

India’s

state-run Mangalore Refinery and Petrochemicals Ltd (MRPL) has signed its first term deal with Iraq as it seeks to diversify its crude imports, two sources privy to the matter said.

The state-run refinery will buy 1.5 million tonnes of Basra oil in 2019 from Iraq’s SOMO (State Organisation for Marketing of Oil), one of the sources said.

MRPL operates a 300,000 barrel per day refinery in Karnataka state. No immediate comment was available from MRPL. (Reuters)