New Delhi: Indian Oil Corporation (IOC) is preparing to form a joint venture with global energy trading firm Vitol Group in a move aimed at boosting its international trading capabilities.

According to industry sources, the partnership is expected to be launched in early 2026 and will be headquartered in Singapore.

The collaboration will mark a significant shift in Indian Oil’s strategy, moving beyond its traditional role as a state-run refiner and fuel supplier to a more global energy player. The joint venture is expected to operate for an initial period of five to seven years, with an option for either side to exit after the term.

Through this partnership, Indian Oil hopes to enhance its reach in global crude and refined product markets, negotiate better deals on crude imports, and

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