Shafaq News/ The Indian Oil Corporation (IndianOil) has confirmed its decision to maintain its annual crude oil import agreement with Iraq at 21 million tons for the year 2025.
Anuj Jain, Chief Financial Officer of IndianOil, stated, “Of the 21 million tons, approximately 12 million tons are under fixed contracts, while nine million tons are optional purchases.”
IndianOil, India’s largest oil company, secures over half of its crude oil requirements—between 55% and 57%—through annual agreements with major producers, including Iraq. Jain noted that, like other Indian refiners, IndianOil is also increasing its imports of Russian oil to diversify its supply sources.
Founded in 1964, IndianOil is India’s leading energy company, involved in refining operations, fuel distribution, and natural gas supply. As one of the world’s largest energy firms, it operates an extensive network of refineries and fuel stations, playing a pivotal role in India’s energy infrastructure.