APD | India might import oil from Iran despite sanctions

By APD writer Rishika Chauhan

NEW DELHI, October 10 (APD) -- India’s petroleum minister Dharmendra Pradhan recently implied that India might continue to import petroleum from Iran in spite of US sanctions.

According to a Hindustan Times report, “Two of India’s state-owned companies have contracted for Iranian crude in November”, Pradhan said at The Energy Forum here, adding one does not know whether or not the sanctions have been waived off.

“State refiners Indian Oil Corp. Ltd (IOCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have contracted 1.25 million tonnes of Iranian oil for import in November”, the report further said.

Pradhan’s statement is being interpreted as suggestive of the fact that Iranian oil is still important to India.

Reports state that 9.4%, of India’s total crude oil needs are met by Iran. The total amount of crude oil imported by India is estimated to be around 220.4 million metric tonnes.

Due to US sanctions on Iran a decline in earning of other Indian state-owned refiners has been estimated. Companies like Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp are estimated to be $500 million, as a result of the sanctions.

(ASIA PACIFIC DAILY)