Two Indian cos to buy Iranian oil in Nov: Dharmendra Pradhan

NEW DELHI: Two Indian firms have placed orders to buy Iranian oil in November, petroleum minister Dharmendra Pradhan said on Monday, adding that India does no longer yet know if it will be granted a waiver from US sanctions on Iran.

India, the world’s third-biggest oil importer, will purchase 9 million barrels of Iranian oil in November, Reuters reported on Friday, bringing up two trade assets.

India was discussing its choices to buy Iranian oil with all authorities, Pradhan said.

US sanctions on Iranian oil purchases are because of take effect on November 4.


On Friday, news agency PTI had quoted assets to report Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have reduced in size 1.25 million tonnes of Iranian oil for import in November.


The assets said India and Iran are discussing reverting to rupee trade after November 4.


"Iran has been off-and-on taking rupee payments for oil it sells. This rupee it uses for paying for imports of medicines and other commodities. A similar arrangement is in works," a source said adding details of the cost mechanism would emerge in the next few weeks.



Two Indian cos to buy Iranian oil in Nov: Dharmendra Pradhan Two Indian cos to buy Iranian oil in Nov: Dharmendra Pradhan Reviewed by kailash soni on October 08, 2018 Rating: 5
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