Bharat Petroleum Corporation Ltd will import 1.4 million barrels (0.2 million tonnes) of Iraqi Basra Light crude oil during September-December.
India is negotiating a term contract with the new administration in Baghdad to import Iraqi crude even as it hopes to keep the exploration acreage awarded to it by the Saddam Hussein regime.
The country's largest refinery, Indian Oil Corporation, is unlikely to bid for the Iraqi crude oil tendered on Thursday, as the delivery schedule and other specifications do not meet its requirements.
Indian efforts to secure a share in Iraqi crude oil have been hit with Indian Oil Corporation failing to get entry visas in time for sending its officials to Baghdad to seal an import deal.
Iraq is willing to double the credit period on crude sales to 60 days if Indian refiners buy more in 2014, the head of refineries at Hindustan Petroleum said. Iran has also sweetened the deal to expand its dwindling market share by offering free shipment and a nominal discount to Indian refiners, sources said last week.
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