India's April Iran Crude  Imports Rise 49% YoY

India's April Iran Crude Imports Rise 49% YoY

India's oil imports from Iran rose 48.8% in April from a year ago as refiners bought more crude after the lifting of sanctions against the OPEC producer, although the purchases were down from a multi-year high hit the previous month.
Refiners in the world's third-largest crude importer took in 393,000 barrels per day of Iranian oil in April, the first month of the new contract year, according to preliminary tanker arrival data from trade sources and ship-tracking services on the Thomson Reuters terminal.
The April shipments were down 22.4% from Iranian volumes in March, when imports from Tehran topped 500,000 bpd to reach the highest level in at least five years.
India's oil imports from Iran are set to surge to a seven-year high in the year that began April 1, industry sources said early last month, with the nation's state-owned and private refiners together buying at least 400,000 bpd.
Part of India's recent resurgence in Iranian purchases comes from Reliance Industries, operator of the world's biggest refining complex, which in March took oil from Iran for the first time in six years for its plant in western India.
The private refiner, however, did not take any consignment from Tehran in April, accounting for most of the drop from the previous month. Its purchases in March were done under spot deals, although it is looking to sign up for long-term supplies from Iran.
Another private refiner, Essar Oil, was the biggest buyer of Iranian oil in April, shipping in about 181,300 bpd, followed by Mangalore Refinery and Petrochemicals Ltd. with about 110,200 bpd, and Indian Oil Corp. with 101,400 bpd, the shipping and terminal data showed.
In the first four months of 2016, India's Iran oil imports more than doubled to 322,500 bpd, the data showed, in comparison with 160,500 bpd in the same period of last year.
India's oil imports from Iran are expected to surge in coming months, when refiners Hindustan Petroleum Corp. and Bharat Petroleum Corp. begin lifting Iranian oil.
State-run HPCL and BPCL have agreed to a 20,000 bpd contract each with National Iranian Oil Company, but the two are waiting for further clarity on insurance for plants processing Iranian oil.

Short URL : http://goo.gl/PnrcdH
  1. http://goo.gl/LQHZor
  • http://goo.gl/mf4PAM
  • http://goo.gl/dfvC7Y
  • http://goo.gl/sh0zxH
  • http://goo.gl/wiPRwq

You can also read ...

Offshore drilling is expensive in a time of relatively low oil prices.
The US administration on Friday said it would offer the...
Egypt to Import LNG   From France
Egyptian Natural Gas Holding Company has arranged for the...
India to Increase Oil Imports From Iran
In April through January, the first 10 months of this fiscal...
UAE Committed to OPEC Output Reduction Deal
The UAE will remain committed to the global oil output...
The national gas network accounts for providing 70% of the country's energy.
In line with efforts to deliver natural gas to far-flung...
SP Phase 13 Ready to Deliver Sweet Gas
The first gas sweetening train in Phase 13 of South Pars Gas...
NPC Subsidiary, Foreign Firms in Scientific Coop.
The Petrochemical Research and Technology Company of Iran...