Indian Oil Major Starts Cutting Iran Oil Imports
Indian Oil Major Starts Cutting Iran Oil Imports

Indian Oil Major Starts Cutting Iran Oil Imports

Indian Oil Major Starts Cutting Iran Oil Imports

One of the biggest Iranian oil customers among India’s refiners, Nayara Energy—formerly known as Essar Oil—started scaling back oil purchases from Iran this month, Reuters reported on Monday, citing sources familiar with the issue.
Nayara Energy has just rebranded after a consortium of investors, including Russia’s largest oil producer Rosneft, oil trader Trafigura and UCP investment group, finalized a deal to take over Essar Oil in the summer of 2017, Oil Price reported.
According to shipping and industry sources data provided to Reuters, Nayara Energy usually buys around 6 million barrels of Iranian oil per month. “Nayara will be lifting about 40-50% less than the average volumes, limiting its intake of Iranian oil to about 3-4 million barrels in a month,” one of the sources told Reuters.
"The Indian refiner expects that it would continue to buy Iranian oil in the near future, but it is already looking to have a Plan B for sourcing oil from other suppliers, if it is unable to keep current import levels from Iran because of the returning US sanctions," Nayara’s chief executive, B Anand, told S&P Global Platts in an interview published in early June.
“Yes, with international shareholders, you have to be far more cognizant of the sanctions, the ramifications of the sanctions and we would like to remain sanctions compliant. So whatever is allowed and available within that basket and directions we get, we will focus on that,” Anand told Platts.


Short URL : https://goo.gl/fo1DUq
  1. https://goo.gl/cCMc7S
  • https://goo.gl/4vHmrz
  • https://goo.gl/Lv6bA6
  • https://goo.gl/kZqK3y
  • https://goo.gl/G4vVju

You can also read ...

The OGCI initiative is now made up of BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total.
ExxonMobil, Chevron and Occidental Petroleum are joining the...
New Delhi Will Pay for Iranian Oil in Rupees
India may revert to paying Iran in rupees for the oil it buys...
Zanganeh to Veto OPEC Decisions Against Iran
Oil Minister Bijan Namdar Zanganeh on Thursday said he would...
Iraq Crude Exports From South Nearing Record High
Crude oil exports from southern Iraq are close to a record...
US Wants Lower Oil Prices  for Protecting Arab States
US President Donald Trump on Thursday demanded OPEC lower...
MAPNA to  Build Petrochem,  Power Plant in Parsian SEZ
Iran's top engineering and energy enterprise MAPNA Group is...
US Oil Sanctions to Harm Int'l Economy
Imposing sanctions against oil producing states like Iran will...

Add new comment

Read our comment policy before posting your viewpoints