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India To Continue Buying Iranian Oil Despite U.S. Sanctions

Two Indian oil companies have placed request to buy crude from Iran in November, Oil Minister Dharmendra Pradhan said, underscoring the nation’s plan to keep importing fuel from the Persian Gulf nation despite the U.S. sanctions.

“Some of our companies have already nominated their quota for Iranian crude in November,” Pradhan told reporters on the sidelines of an event in New Delhi. “We are discussing with all authorities concerned on this issue. But we have to fulfil our own domestic requirement. We expect global leaders to understand India’s needs.”

The U.S. announced sanctions on Iran following its withdrawal from a nuclear deal signed more than three years ago. The first batch of U.S. sanctions on Iran, one of the largest suppliers of crude to India, came into effect in August. The curbs that will have a direct impact on trade will kick in on Nov. 4.

State-owned refiner Indian Oil Corporation Ltd. booked its “usual quota from Iran in November”, Chairman Sanjiv Singh said, adding that the company plans to pay for it in rupees. “In the past also, Iran was open to payment in rupees, and that is one option.”
Source: Bloomberg

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