With India adopting a “wait and watch” policy ahead of US oil and banking sanctions on Iran from Sunday, the rationale behind the underplayed optimism displayed by the world’s third-largest oil consumer was best summed by Igor Sechin, chief executive of the world’s largest publicly traded oil company OAO Rosneft.
Speaking last month at Verona in Italy, Sechin, one of the most powerful men in Russia, said the US may “introduce a range of exemptions for some of its partners.”
These are the concessions that India has been eyeing and were hinted at by petroleum minister Dharmendra Pradhan on 8 October about India continuing its energy imports from Iran even in the wake of the US’ 4 November deadline.
State-run refiners Indian Oil Corp. Ltd (IOC) and Mangalore Refinery and Petrochemicals Ltd have contracted 1.25 million tonnes of Iranian oil for import in November. Read More
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