Indian Oil and Vitol to form trading joint venture in Singapore

Indian state-owned oil and gas company Indian Oil is set to establish a joint venture (JV) with Swiss energy and commodities company Vitol to enhance its international crude and fuel trading operations, reported Reuters, citing sources. The JV will be based in Singapore and is expected to operate for five to seven years. An exit clause is included for both parties. Indian Oil, alongside its subsidiary Chennai Petroleum, manages approximately 31% of India's refining capacity, equating to 5.17 million barr ...