{"id":187,"date":"2026-02-11T09:21:31","date_gmt":"2026-02-11T09:21:31","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/187\/"},"modified":"2026-02-11T09:21:31","modified_gmt":"2026-02-11T09:21:31","slug":"indian-oil-vitol-venture-talks-stumble-sources","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/187\/","title":{"rendered":"Indian Oil\u2013Vitol venture talks stumble: Sources"},"content":{"rendered":"

New Delhi: A deal between Indian Oil Corp<\/a> and \u200dglobal trader Vitol<\/a> to form an equal trading joint venture<\/a> has been delayed \u2060due to differences over some clauses in the contract, two sources familiar with the matter said.<\/p>\n

These include the volume of IOC<\/a>‘s crude purchases that will come under the joint \u200cventure’s control \u200cand the timing of an exit clause for the trader, the sources said.
IOC had hoped to \u200csign the deal with Vitol at the India Energy Week conference<\/a> last week as the country’s top refiner wanted to leverage the trader’s expertise and global network to expand its footprint in international crude and fuel trading similar to majors like Exxon Mobil and Shell.<\/p>\n

IOC was \u200bexpecting the proposed joint venture to handle a fraction of its \u200coverall imports, \u200dsources said.<\/p>\n

Vitol wants to control 10% to 15% \u200dof IOC’s spot crude import volume, the sources said, adding \u200cthat the firms were still negotiating the volume.<\/p>\n

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IOC and Vitol did not respond to emails seeking comment.
The joint venture, which the companies had planned to set up in Asia’s oil trading hub Singapore, will initially operate for five to seven years, a source had previously said, adding that an exit clause would be included for \u200dboth partners.Vitol is asking to extend the tenure of exit clause to at least 10 years, the sources said.<\/p>\n

Globally, \u200dtraders have \u2060turned their focus \u2060to India, amid its rising fuel demand and refining capacity. Indian refiners are also widening their crude import sources, buying more from the Middle East and South America as it cuts imports from top supplier Russia.<\/p>\n

Indian Oil, along with its subsidiary Chennai Petroleum<\/a>, controls about 31% of India’s 5.2 million barrels per day (bpd) of refining capacity.<\/p>\n

Another state refiner Bharat Petroleum Corp (BPCL<\/a>) plans to set up a trading desk in Singapore in February.<\/p>\n","protected":false},"excerpt":{"rendered":"New Delhi: A deal between Indian Oil Corp and \u200dglobal trader Vitol to form an equal trading joint…\n","protected":false},"author":2,"featured_media":188,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[263,264,257,258,261,256,254,262,253,255,260,259,158],"class_list":{"0":"post-187","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-vitol","8":"tag-bpcl","9":"tag-chennai-petroleum","10":"tag-crude-imports","11":"tag-crude-trading","12":"tag-energy-week-conference","13":"tag-fuel-demand-in-india","14":"tag-indian-oil","15":"tag-indian-oil-corp","16":"tag-ioc","17":"tag-joint-venture","18":"tag-oil-refining-capacity-in-india","19":"tag-singapore-oil-trading","20":"tag-vitol"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=187"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/187\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/188"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}