• Apr 24 2016 - 14:40
  • News hits : 2942
  • Study time : 1 minute(s)

India seeks long-term Iran oil deals

India’s biggest oil refiner says it is looking to ramp up oil imports from Iran after resuming purchases from the country only last month.

Indias biggest oil refiner says it is looking to ramp up oil imports from Iran after resuming purchases from the country only last month.

Private refiner Reliance Industries imported about 90,600 barrels per day (bpd), its first shipments in about six years, from Iran in March.

The company is currently engaged in talks for bigger supplies with the prospect of concluding a long-term supply contract, Reliances joint chief financial officer V Srikanth said on Friday.

"We have had engagements with Iran before the sanctions and they have grades of crude that are attractive to us from where we are," he was quoted as saying.

Last month, Reliance reportedly imported Forozan grade and South Pars condensate from Iran.

Indian refiners are keen to rebuild ties to benefit from shorter shipping distances after the lifting of sanctions on Iran.

Indias crude oil imports from Iran last month jumped by about 135 percent from February to top 500,000 bpd, reaching the highest level in at least five years.

Essar Oil was the biggest importer of Iranian crude in March with about 207,400 bpd oil, followed by about 130,000 bpd by Mangalore Refinery and Petrochemicals Ltd. Indian Oil Corp shipped in about 67,000 bpd from Tehran.

India is currently Irans second largest oil importer after China and the higher imports signal Tehrans success in its bid to regain market share after the lifting of sanctions earlier this year.

On Saturday, Minister of Petroleum Bijan Zangeneh said Iran is close to the pre-sanction export levels.

"Irans oil production has approached very close to the level before sanctions and our oil output has increased by 1 million barrels per day after the cancellation of the sanctions," he said in Tehran.

Energy-hungry India has also long sought to have a stake in Irans liquefied natural gas (LNG) projects.

 

  • Newsgroup : Head line,ICOFCNews
  • News code : 9963
key words

Comments

0 There are comments for this article

comment

Template settings