India Seeks Long-term Oil Supply from Guyana

India Seeks Long-term Oil Supply from Guyana

India seeks a long-term contract to import oil from Guyana which is located in South America, a Guyanese official told Reuters.

Guyana’s Minister of Natural Resources, Vickram Bharrat, said that India has announced its intention to buy a cargo of 1 million barrels of oil from Guyana’s government to test the crude in its refineries. In case the crude is appropriate, the two parties will go into talks for a long-term agreement.

“India is interested in taking Guyana’s share of its crude, based on mutual agreements, as part of its crude source diversification across the world,” said anonymous source with knowledge of the talks to Reuters.

The source added that  both parties are still negotiating on pricing, elaborating that the oil will be processed by the India’s state-owned refineries.


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