Iran Economy NewsIndia's IOC aims to cut oil imports from Iran...

India’s IOC aims to cut oil imports from Iran by 23.4 pct in 2013/14-Minister

-

Reuters: Indian Oil Corp, the country’s biggest refiner, aims to import 23.4 percent less oil from sanctions-hit Iran in the fiscal year to March 2014 compared with a year earlier, Indian oil minister M. Veerappa Moily said on Tuesday.
NEW DELHI (Reuters) – Indian Oil Corp, the country’s biggest refiner, aims to import 23.4 percent less oil from sanctions-hit Iran in the fiscal year to March 2014 compared with a year earlier, Indian oil minister M. Veerappa Moily said on Tuesday.

India’s imports of Iranian crude more than halved in June from a year earlier, dropping to 140,800 barrels a day (bpd), tanker data obtained by Reuters showed this month.

U.S. and European Union sanctions aimed at pressuring Iran over its suspected pursuit of nuclear weapons are costing it billions of dollars in revenue since the start of 2012. U.S. lawmakers want to toughen them further, with the goal of reducing Iran’s oil shipments to 500,000 bpd or less.

IOC imported 31,320 bpd or 1.566 million tonnes in the fiscal year ending March 31, and entered into a term deal with Tehran to buy 24,000 bpd in this fiscal year, Moily told lawmakers in a written reply.

He said IOC imported about half of the contracted volumes in April-June costing $429 million.

IOC’s imports from Iran in the last fiscal year ended March were valued at $1.26 billion, of which $653 million were paid in rupees and $415 million were settled in euros, he said.

Indian refiners were paying for 45 percent of their Iran oil imports in rupees through a local bank, while the remainder was settled in euros through Turkey’s Halkbank.

Payments through Turkey were halted in February due to pressure from the US sanctions, leading Indian refiners to hold back 55 percent of their oil payments to Iran, while continuing with the rupee mechanism for the remainder.

IOC has to pay $194.31 million for Iranian oil purchases made in 2012/13 and about $236 for 2013/14, the minister said.

(Reporting by Nidhi Verma; Editing by Prateek Chatterjee)

Latest news

Snapback Sanctions, a Must Response to Iran’s Human Rights Abuse and JCPOA Violations

The protests in Iran have been going on for more than two months, even though the regime is cracking...

Growing Disintegration Among Iran Regime’s Forces

Iran has been shaken by a wave of nationwide protests since mid-September. The trigger was the death of the...

Grim Tidings for Iran’s Regime After Approval of UN Fact-Finding Mission

After many discussions and debates, the United Nations Human Rights Council has approved a fact-finding mission to investigate the...

Iranian People’s Resistance Changed the Appeasement Policy

Soon after the new US government started its obligations in January 2021, hand in hand with the European governments...

Khamenei’s Disgraceful Campaign Against Piranshahr and Javanrud, Who Will Be the Loser?

On the 67th day of Iran’s revolution, the Iranian regime attempted to put a halt to the protests in...

Iran: Expensive Medicine, Cheap Human Life

A look at the equipment and weapons that the Iranian regime has been using against its people to suppress...

Must read

Executions on the rise in Iran

Iran Focus: A religious court in Tehran sentenced two...

Iraq’s Top Cleric Gives Govt Conditional Approval

Reuters: Ayatollah Ali al-Sistani, Iraq's most influential Muslim cleric,...

You might also likeRELATED
Recommended to you