NEW DELHI, June 16 (UPI) -- India's government is allowing private refiners to buy crude oil from Cairn India's fields in Rajasthan.
The Cairn Rajasthani fields are India's biggest on-land oil discovery in the past 20 years, The Times of India reported Wednesday.
Three years ago Cairn India was listed on the Bombay and National Stock Exchanges. Its initial public offering was the largest IPO to date in the Indian primary equity markets and the company has a market capitalization of more than $6 billion, making it the fourth largest oil and natural gas company in India.
On Tuesday Essar Oil began receiving oil from the Cairn Rajasthani fields via the world's longest heated pipeline. India's Reliance Energy Ltd will begin to receive Cairn Rajasthani piped crude within the next week and Indian Oil's Koyali refinery by end of the month.
Cairn sources speaking off the record said that Reliance Energy Ltd is expected to receive 75,000 barrels per day and Essar Oil 30,000 bpd as Cairn's production increases.
