In the first clear indication of India’s willingness to continue trade with Iran despite US sanctions, state refiners have contracted import of 1.25 million tonnes of crude oil from the Persian Gulf nation and is preparing to replace dollar payments with rupee trade.
Top industry sources said Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have contracted 1.25 million tonnes of Iranian oil for import in November, the month when the US sanctions against Iran’s oil sector kick-in.
While India wants to continue importing Iranian oil, albeit a reduced volume, US Secretary of State Mike Pompeo last month stated that Washington would consider waivers on the embargo but made clear that these would be time-limited, if granted. Read more
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