India’s Nayara sees no problem in replacing Iranian oil, if required


India’s Nayara sees no problem in replacing Iranian oil, if required

Indian private refiner Nayara Energy, a key buyer of Iranian oil, is prepared to replace Iranian oil if required under U.S. sanctions and hopes to settle dues owed to Tehran for past purchases ahead of a November deadline, its chief executive said.

Uncertainties cloud Iran’s oil exports after U.S. President Donald Trump abandoned a 2015 nuclear agreement this month and ordered the re-imposition of U.S. sanctions on Tehran.

Some sanctions take effect after a 90-day “wind-down” period ending on Aug. 6, and the rest, notably on the petroleum sector, after a 180-day “wind-down period” ending on Nov. 4.

Nayara, formerly known as Essar Oil, would leverage the vast network of its promoters – Russia’s Rosneft and trader Trafigura, to replace Iranian oil, if required under the U.S. sanctions. Read More

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