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Indian Oil Corp has a contract to buy 180,000 bpd Iranian oil in FY19

India's overall oil imports from Iran could surpass last year's level

Reuters  |  New Delhi 

Indian Oil Corp
A logo of Indian Oil is picture outside a fuel station in New Delhi | Photo: Reuters

India's biggest state-owned crude oil refiner Ltd aims to lift full volumes under its 2018/19 annual contract with Iran, a company official said on Thursday.

The company has a deal to buy 180,000 barrels per day (bpd) this financial year.

He said India's overall could surpass last year's level. Indian state refiners cut imports from Iran in the last financial year due to a dispute over the development rights of a large gas field.

The official, who did not wish to be identified because of the sensitivity of the matter, said Indian refiners are prepared to pay for imports entirely in rupees through state-owned UCO Bank.

First Published: Thu, November 22 2018. 16:36 IST