India’s Reliance Eyes Buying More Crude from Iran

A senior official with India’s biggest oil refiner Reliance Industries said the company plans to purchase more oil crude from Iran following the removal of anti-Tehran sanctions.

We have had engagements with Iran before the sanctions and they have grades of crude that are attractive to us from where we are,” V Srikanth, Reliance’s joint chief financial officer, said at a news conference on Friday, Reuters reported.

He further said that the company is in talks with Iran for a bigger share in Iran’s oil market, adding that it is looking for a long-term supply contract with Tehran.

According to reports, India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after a lasting nuclear between Tehran and world powers.

(Source: Tasnim, under Creative Commons licence)

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