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Market Chatter: PetroChina, Indian Oil Fail to Secure Tankers for Iraqi Crude Over High Costs, Hormuz Risks

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State-owned refiners PetroChina (SHA:601857, HKG:0857) and Indian Oil Corporation (NSE:IOC, BOM:530965) failed to secure very large crude carriers to lift Iraqi Basrah crude in late June, Reuters reported Thursday, citing sources.

A PetroChina official cited high costs and a lack of guarantee of safe passage through the Strait of Hormuz, the report said.

Meanwhile, Indian Oil received zero bids for a tender seeking a vessel to lift crude on June 22-23 for delivery to India's Paradip port, a source reportedly told Reuters.

PetroChina and Indian Oil did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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