India seeking long-term oil supply contract with Canada: Moily

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oil-minister-Veerappa-MoilyIndia is seeking a long-term oil supply contract with Canada, oil minister Veerappa Moily said on Monday.

In November, Indian Oil Corp, the country`s largest refiner, became the first state refiner to buy Canadian oil, joining private refiners Reliance Industries and Essar Oil.

India`s efforts to diversify oil sources have become more urgent as western sanctions over Teheran`s nuclear programme squeeze imports from Iran, once India`s second-biggest supplier. Supplies from Libya and Sudan have also been disrupted.