IOC, MRPL placed or­der for 1.25 MT of crude from Iran

Financial Chronicle - - MISCELLANY -

In an at­tempt to com­pel Iran to agree to a new ac­cord, the US pres­i­dent re­in­stated sanc­tions that tar­geted the Ira­nian gov­ern­ment’s pur­chase of US dol­lars, Iran’s trade in gold and other precious met­als, and its au­to­mo­tive sec­tor.

On Novem­ber 4, a sec­ond batch of po­ten­tially more dam­ag­ing sanc­tions will be re-im­posed on Iran’s oil and ship­ping sec­tors as well as its cen­tral bank. The United States has asked buy­ers of Ira­nian oil to cut im­ports to zero start­ing in Novem­ber.

“We will take care of them,” Trump told re­porters when asked about the de­ci­sion of some coun­tries like In­dia and China to con­tinue to pur­chase oil from Iran.

Oil min­is­ter Dhar­men­dra Prad­han on Mon­day said two state re­fin­ers have placed or­ders for im­port­ing crude oil from Iran in Novem­ber. He had said that In­dia has its own en­ergy re­quire­ments, which it has to ful­fil. In­dian Oil Corp (IOC) and Man­ga­lore Re­fin­ery and Petro­chem­i­cals (MRPL) to­gether have placed or­der for 1.25 mil­lion tonnes (MT) of crude oil from Iran.

Iran is In­dia’s third­largest oil sup­plier be­hind Iraq and Saudi Ara­bia. Of the 220.4 mil­lion met­ric tonnes (mil­lion MT) of crude oil im­ported by In­dia in 2017-18, about 9.4 per cent was from Iran.

China is Iran’s big­gest oil cus­tomer and is op­posed to any uni­lat­eral sanc­tions on the coun­try.

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