Two Indian refineries resume crude imports from Iran

Two Indian refineries resume crude imports from Iran

India’s HPCL and BPCL companies have recommenced oil imports from Iran after a nearly three-year hiatus, Mehr reports.

Following Japan’s Tonen General refinery, Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) have also joined the club of Iranian crude oil customers given that the pressure of international sanctions has abated.

Accordingly, volume of Iran’s oil exports to India has experienced an upsurge after a three-year halt in oil sales to the Asian country.

On the basis of a report released by Iranian Ministry of Oil’s department for OPEC affairs and relations with energy organizations, Iran has exported a daily average of about 359 thousand oil barrels to India over the first seven months of 2016 which indicated a 67% leap as compared with the same period last year.

At the present time, Indian Oil Corporation Limited, Essar Oil and Reliance Industries Limited (RIL) remain as traditional customers of Iran’s crude while with addition of HPCL and BPCL, a total of five Indian refineries are now purchasing oil from Iran.

Since the beginning of the current Iranian calendar year (began March 20), the volume of oil exports from Iran to India has reached its highest level in seven years despite the fact that the National Iranian Oil Company (NIOC) canceled a number of oil sale incentives it has given to Hindi refiners.

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