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India to double oil import from Iran in 2018

According to the informed sources, Indian state refineries are planning to double oil imports from the Islamic Republic of Iran in 2018.

India to double oil import from Iran in 2018
(Tuesday, April 24, 2018) 13:02

“Iran is pushing to retain its oil customer in Asia, offering better terms and conditions than other Middle Eastern suppliers including Saudi Arabia, even as the threat looms of potential further US sanctions on the OPEC member.”

Tehran recently deepened freight discount to firms in India, its second-biggest oil client after China, in return for higher volumes, the report added.

“In the current fiscal year to March 2019, state refiners Indian Oil Corp, Mangalore Refinery and Petrochemicals Ltd. Bharat Petroleum and Hindustan Petroleum plan to import 396,000 barrels per day (bpd) Iranian oil,” Reuters quoted two sources familiar with the plans who spoke on condition of anonymity as saying.

“All four refiners imported about 205,600 bpd Iranian oil in the previous fiscal year.”

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