Indian Oil Refiner Part-Owned By Iranian Company Cancels Iran Oil Imports

Crude Oil

Stating that these conversations are ongoing, Principal Deputy Secretary of State for South and Central Asia Affairs Alice Wells said: "We are working very hard with our partners so that there are no disruptions in the market and adequate supply is available to substitute for Iranian oil".

Earlier, India was looking at the likelihood of falling back on the rupee-rial arrangement for importing oil from Iran in the wake of U.S. sanctions.

As the USA sanctions on the import of Iranian crude oil loom large, India is engaged with the European Union for an alternative channel for making payments to Tehran for buying petroleum products, sources said Wednesday.

"India's position has generally been that it will only enforce sanctions authorised by UN Security Council resolutions, rendering it likely that India will resist USA efforts to compel it to comply with reimposed U.S. sanctions such as those that mandate cuts in oil purchases from Iran", the independent Congressional Research Service (CRS) said in its latest report on Iran.

India is yet to take a call on complying with the U.S. sanctions on Iran.

Tens of millions of India's citizens are Shiite Muslims.

The Europeans have offered new trade proposals to Iran which might secure Iran's interests within the framework of the 2015 worldwide nuclear deal, known as JCPOA, the Iranian Foreign Ministry Spokesman Bahram Qasemi said here on Monday.

India will Import Iranian Oil but how that is what Delhi is exploring.

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In May, U.S. President Donald Trump pulled out of an global nuclear deal with Iran and announced new sanctions against the country, the third-largest producer among the Organization of the Petroleum Exporting Countries (OPEC). The Trump Administration has said, "Either you can do business with Iran or with us".

India, Iran and Afghanistan held a ceremony in May 2016 to herald the start of work on the port based on an Indian pledge of $500 million investment in it, with Iran to provide the remaining $500 million.

Sources said that the 28-nation bloc European Union has conveyed New Delhi that they were in process of devising a payment mechanism as U.S. dollars for oil transaction will be restricted post November 4 when the USA sanctions come into force.

Looking to win waivers, India is reportedly significantly reducing Iranian oil purchases this month and next.

India is engaged with the United States and other stakeholders to ensure its energy security and national interest, the foreign ministry spokesman said on Thursday, as Washington is set to tighten sanctions on Iran's oil and banking sector.

Chennai Petroleum, a subsidiary of the country's biggest refiner Indian Oil Corp (IOC), has a deal to buy up to 2 million tons, or 40,000 bpd, of oil from Iran in the fiscal year 2018/19.

The surge in Iran exports during May, June and July cut Japan's January-July decrease in Iranian oil imports to just 1% year on year, compared with a cumulative 13% drop over January-April. SBI has told refiners it would stop handling Iran payments from November.

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