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ATS said in a statement late last week that it ranked IOC ahead of Malaysia’s Petronas, China’s Sinopec, India’s Hindustan Petroleum Corporation and the United Arab Emirates’ government-owned Emirates National Oil for 2004 – replicating the top placing it gave IOC the previous year.
The survey covered 79 major petroleum trading companies in the Asia- Pacific region.
The ATS release said IOC had initiated a series of measures over the years to benchmark its trading systems with international best practices and last year started trading in derivatives for the first time, to mitigate the risks arising out of the volatility of international oil prices.
In 2004-05, IOC imported almost 32 million tonnes of crude oil, while importing over three million tonnes of various petroleum products and exporting over one million tonnes of those products. IOC plans to import around 40 million tonnes of crude oil during the 2005-06 year.
