India plans to secure long-term oil contracts. It will soon initiate discussions with leading crude oil suppliers including Somo of Iraq. At present, the majority of crude oil imports are done by entering into annual contracts.
A senior IOC official was quoted as saying by the <i>Financial Express</i>, "We have had preliminary discussions with some leading suppliers. However, formal proposals will be sent to the national oil companies of Kuwait, Saudi Arabia, Iraq and UAE, only after the ministry approves the terms proposed by us."
