IOC Current Affairs

India to import crude oil from US for first time

India, the world’s third-largest oil importer, for the first time will import crude oil from the United States. The purchase comes after Prime Minister Narendra Modi’s visit to the US in June 2017 when President Donald Trump had assured that US looks forward to export more energy products to India.

Key Facts

Indian Oil Corp (IOC) has bought 1.6 million barrels of US Mars crude (a heavy, high-sulphur grade) and 400,000 barrels of Western Canadian Select that will be delivered onboard a Very Large Crude Carrier. The import will take place after IOC gets the carrier in October 2017 from PetroChina. The oil will be loaded off the US Gulf Coast,

The import of crude from US could become an alternative source for the Indian companies for the supply of heavy, high-sulphur grades as feedstocks, which typically sell at a lower cost relative to other oil types. Besides IOC, Bharat Petroleum Corp Ltd (BPCL) is second Indian refiner which also has planned to buy its first ever US crude oil cargo and has issued a purchase tender.

India will be the latest Asian country to buy US crude after Japan, South Korea, Thailand, Australia, China and Taiwan as they seek to diversify oil imports from other regions after the OPEC production cuts raised prices of Middle East heavy-sour crude ( grades with a high sulphur content).

Month: Categories: Business & Economy Current Affairs 2018


Nita Ambani made member of IOC’s important Commissions

Nita Ambani has been made member of two important commissions of IOC’s governing body. She has been made as a member of the prestigious Olympic channel and Olympic education Commission. Nita Ambani already holds the distinction of being India’s first woman International Olympic Committee member. She was elected as an individual member of International Olympic Committee (IOC) last year. She will serve the IOC till she turns 70.

IOC has announced the composition of 26 commissions for 2017. The composition of the IOC commissions for 2017 has seen a 70% increase in female participation since September 2013. The commissions have also been constituted to reflect a broader geographical representation and include a number of new faces.

Nita Ambani has replaced International Paralympic Committee President Philip Craven to be one of the 16 members of the Olympic Channel Commission headed by United States Olympic Committee Chairman Lawrence Francis Probst. The Olympic Channel is a digital channel which is estimated to cost about USD 600 million over the first seven years. It was launched last year during Rio Games. The channel aims to promote Olympic sports and values all round the year. The channel is based in Madrid.

Nita Ambani is also named in the 24-member Olympic Education Commission headed by Barry John Maister of New Zealand.

Olympic medallist Saina Nehwal continues to be on the IOC Athletes Commission after her appointment in October last year.

Nita Ambani

Nita Ambani is the chairperson and founder of Reliance Foundation and a non-executive director of Reliance Industries. Nita Ambani is an ardent sports lover. With a family fortune of USD$20 billion, she is considered as India’s wealthiest woman. Forbes Magazine has adjudged Nita Ambani as the most influential women business leaders in Asia for the year 2016.

Month: Categories: Persons in News 2018