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Our Bureau

Mumbai , Feb. 7

MRPL has signed one-year contracts to buy crude oil from Saudi Aramco and National Iranian Oil Company (NIOC).

It has agreed to buy a total of 7.5 million tonnes of crude oil from the two oil companies in 2005-06.

MRPL, a subsidiary of ONGC, has signed up a purchase of 2.5 million tonnes or 44,000 barrels a day of Arab mix crude from Aramco. It has agreed to buy five million metric tonnes from NIOC.

MRPL does not buy any of its 9.69 million tonnes requirements from the spot market. These two contracts will fulfil most of its need.

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