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HPCL to buy Iranian oil in Jan after six-month gap: sources

Reuters  |  NEW DELHI 

By Nidhi Verma

(Reuters) - State-run Indian refiner will buy Iranian crude in January after a gap of six months, with the nation's overall purchases from Tehran at 9 million barrels in the month, four industry sources said.

The in early November granted a six-month waiver from sanctions against Iran's exports.

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

As part of the deal, HPCL will lift 1 million barrels of Iranian in January, one source with knowledge of the matter said, asking not to be named due to the political sensitivity of sanctions.

It was unclear whether HPCL would continue to buy Iranian oil on a regular basis during the waiver period.

HPCL had halted Iranian in July after its company refused to provide coverage for the crude because of U.S. sanctions, although its said last month that HPCL may resume buying Iranian oil under sanctions waivers.

, the country's top refiner, will lift 5 million barrels of Iranian oil in January compared to 6 million this month, while will buy 3 million barrels, another source said, also asking not to be identified.

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.

Some of India's from Iran will be paid for in rupee under a payment mechanism with Indian state-owned

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

(Reporting by Nidhi Verma; Editing by and Henning Gloystein)

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

First Published: Fri, December 07 2018. 06:51 IST
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