You are here: Home » Economy & Policy » News
Business Standard

After 3-month gap, HPCL, BPCL to import 1 mn barrels of Iranian oil in Feb

Indian Oil Corp will lift 5 million barrels of Iranian oil in February, the same as this month

Reuters  |  New Delhi 

ONGC to takeover HPCL

State-run will import 1 million barrels of in February after a gap of three months, with the nation's overall purchases from Tehran remaining at 9 million barrels, three industry sources said.

The United States in early November granted India a six-month waiver from sanctions on Iran's oil exports.

Under the agreement, New Delhi must restrict its purchases to 1.25 million tonnes, or 9 million barrels.

and Hindustan Petroleum Corp will lift 1 million barrels each of Iranian crude oil in February, the sources said.

this month resumed purchases of after a gap of six months. The company halted Iranian oil purchases in July after its insurance company refused to provide cover for the crude because of U.S. sanctions, although its chairman said may resume buying Iranian oil under sanctions waivers.

ALSO READ: India to import Iranian crude oil using rupee payment mechanism: Source

Indian Oil Corp, the country's top refiner, will lift 5 million barrels of Iranian oil in February, the same as this month. Mangalore Petrochemicals Ltd will buy 2 million barrels compared with 3 million barrels this month, the sources said.

An official had previously said his firm would lift 180,000 bpd - the full volume contracted under an annual deal with Iran for this fiscal year ending March 31, 2019.

ALSO READ: Oil prices up on last trading day, set for first annual decline since 2015

India recently exempted rupee payments to the (NIOC) for crude oil imports from a steep withholding tax, paving way for pending dues to be cleared.

HPCL, and did not immediately respond to requests for comment, while MRPL declined comment.

First Published: Mon, January 07 2019. 19:31 IST