Indian company’s decision to buy oil from Iran

Indian company’s decision to buy oil from Iran
09 Jan

Bharat Petroleum Company has once again decided to buy oil from Iran, specifying the American impediments.

According to news agency Roarrz’s report, the Indian company who had stopped buying oil from Iran for the last three months has decided that it will resume the process of buying oil from Iran next month. According to the information sources related to the oil industry of India, it has been said that India’s government company “India Petroleum” is preparing to buy 10 million barrels of oil from next month.

After the start of Iranian oil purchase by the India Petroleum Company, India will reach the oil imports level of 9.5 barrels. According to sources, in February next year, “India Petroleum” and “Hindustan Petroleum” companies will buy two million barrels of oil from Iran.

It is noteworthy that Iran’s national oil company also provides subsidy on the cost of crude oil to the cost of transportation, along with it also facilitates payment to buyers later. Iranian crude oil imports in India, like “Indian Oil Corp.”, “India Petroleum Corporation”, “Hindustan Petroleum Corporation”, “Reliance Industries”, “Nayra Energy” and “Mangalore Refinery and Petrochemicals”. During April-August 2018, India imported 9.49 million tonnes of crude oil, out of which 14.4 percent was imported from Iran. Iran is the third largest crude oil supplier for Saudi Arabia after Saudi Arabia and Iraq.

It is known that the US had implemented new unilateral sanctions against Tehran last year, which was opposed to most of the countries of the world to bring Iranian oil sales to zero.

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