India’s Oil Imports from Iran Surge in April

India’s oil imports from Iran showed a 48.8 percent rise in April compared to the same period last year, a report said.

Refiners in India took in 393,000 barrels per day (bpd) of Iranian oil in April, according to preliminary tanker arrival data from trade sources, Reuters reported.

Part of India’s recent resurgence in Iranian purchases comes from Reliance Industries, operator of the world’s biggest refining complex, which in March took oil from Iran for the first time in six years for its plant in western India.

Earlier, a senior official with Reliance said the company plans to purchase more 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 on April 23.

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

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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