Bid & Tender

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Post US-Iran Deal, IOC Issues First Tenders to lift LPG and Oil from Hormuz

Indian Oil Corporation, the country's top refiner, issued tenders to charter vessels to lift liquefied petroleum gas and oil from ports inside the Strait of Hormuz.

The tenders – the first to be issued by IOC since the U.S. and Iran signed an interim agreement to end their war and reopen the waterway – are for chartering a very large gas carrier (VLGC), a Suezmax tanker and a very large crude carrier (VLCC), the documents show.

VLCC typically carries 2 million barrels of oil, and a VLGC can hold about 45,000 metric tons of LPG – a mix of propane and butane used in India mainly as a cooking gas. A Suezmax carries about a million barrels of oil.

IOC seeks to lift LPG between June 30 and July 4 from the ports of Ras Laffan in Qatar, Mina Al Ahmadi in Kuwait or Ruwais in the UAE, the document showed.

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