NEW DELHI -(Dow Jones)- Cairn India Ltd. (532792.BY), a unit of Cairn Energy PLC (CNE.LN), Wednesday said it has signed an initial pact to sell crude oil to Reliance Industries Ltd. (500325.BY) from its Mangala oil field in northwestern Rajasthan state.
The crude oil will be delivered to RIL's Jamnagar refinery in the western state of Gujarat through heated crude oil tankers, Cairn said in a statement.
It didn't provide any details on the quantity of crude or the price at which it will supply to RIL.
However, Cairn said the implied price realization represents an average 10%-15% discount to Brent on the basis of prices prevailing for the six months to September 2009.
-By Rakesh Sharma, Dow Jones Newswires; +91-11-4356-3334; rakesh.sharma@dowjones.com