Article: UPI ENERGY WATCH


United Press International
10-06-2004
UPI Energy Watch

WASHINGTON, Oct 06, 2004 (United Press International via COMTEX) -- India's largest state oil refiner, Indian Oil Corp., is determined to start conducting its own tanker chartering arrangements. IOC will continue to support Indian ship owners by continuing to book "free-on-board" cargoes but will pay separately for transportation. At present IOC pays 7-8 percent of its total crude costs in shipping. IOC currently charters as many as 160 tankers per year in the spot market. IOC currently does all its tanker chartering via Transchart, the centralized chartering branch of the Indian Shipping Ministry. Proposals developed in January this ...

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