INDIANOIL, CAIRN IN OIL PRICING DEAL

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IndianOil has said that it will buy 0.2 million tonnes of crude oil from Cairn India's Rajasthan oilfields this year at 11-12% discount to Nigerian Bonny Light crude oil price. "We have reached an agreement on pricing with Cairn," IOC director (refineries) BN Bankapur said. The pricing agreement is subject to approval by IOC board, he said. Bankapur said the discount works out to 11-12% at current oil prices. It would be 18% if a three-year average of Bonny Light price is taken, 15% at one-year average and 16% at six-month average.

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