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BPCL to buy Iranian oil in February after three-month gap: sources

Reuters  |  NEW DELHI 

By Nidhi Verma

(Reuters) - State-run will import 1 million barrels of Iranian 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 in early November granted a six-month waiver from sanctions on Iran's exports.

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

BPCL and will lift 1 million barrels each of Iranian in February, the sources said.

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

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

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

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

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

(Reporting by Nidhi Verma, editing by David Evans)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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