Indian Oil to examine US sanctions' impact on Chennai Petroleum Corp expansion
5 years, 7 months ago

Indian Oil to examine US sanctions' impact on Chennai Petroleum Corp expansion

Firstpost  

Indian Oil plans to pull down the 1 million tonnes per year Nagapattinam refinery of its subsidiary Chennai Petroleum Corp Ltd New Delhi: Indian Oil Corp will evaluate the implications of US sanctions if Iran was to invest in its subsidiary Chennai refinery’s Rs 35,700 crore expansion, its Chairman Sanjiv Singh said. IOC plans to pull down the 1 million tonnes per year Nagapattinam refinery of its subsidiary Chennai Petroleum Corp Ltd and build a brand new 9 million tonnes unit in the next five to six years. National Iranian Oil Co, which holds 15.4 percent stake in CPCL, is keen to participate in the expansion project, Singh said. CPCL has two refineries with a combined refining capacity of 11.5 million tonnes per annum.

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History of this topic

U.S. imposes sanction against Indian petrochemical company for ‘clandestine’ Iran oil purchases
2 years, 3 months ago

U.S. imposes sanction against Indian petrochemical company for ‘clandestine’ Iran oil purchases

The Hindu  

In the first such move against oil shipments to India, the U.S. Treasury department announced it had imposed sanctions against a Mumbai based petrochemical company amongst several entities accused of selling Iranian petroleum products. “Today’s action targets Iranian brokers and several front companies in the UAE, Hong Kong, and India that have facilitated financial transfers and shipping of Iranian petroleum …

US imposes sanctions on Indian company over alleged Iran oil deal
2 years, 3 months ago

US imposes sanctions on Indian company over alleged Iran oil deal

India TV News  

US sanctions Indian company: In what is likely the first action against an Indian company for allegedly dealing in Iranian petroleum products, the US Treasury Department has imposed sanctions on Mumbai-based Tibalaji Petrochem Private Limited. The sanctions came shortly after India's External Affairs Minister S. Jaishankar wrapped up his visit to Washington where he met several top officials, including Secretaries …

Indian refiners set to curb spot buying to make room for Iranian oil
3 years, 7 months ago

Indian refiners set to curb spot buying to make room for Iranian oil

Business Standard  

Indian refiners, anticipating a lifting of US sanctions, plan to make space for the resumption of Iranian imports by reducing spot crude oil purchases in the second half of the year, company officials told Reuters. State-run Bharat Petroleum Corp, which plans to tap the spot market for 45% of its overall imports, will buy Iranian oil if sanctions are lifted, …

Indian Refiners Would Resume Iranian Oil Imports if US Sanctions Eased: HPCL Chief
3 years, 11 months ago

Indian Refiners Would Resume Iranian Oil Imports if US Sanctions Eased: HPCL Chief

News 18  

Indian refiners would resume imports of Iranian oil if the United States eases sanctions against Tehran, the chairman of state-run Hindustan Petroleum Corp said on Thursday. India, which was Iran’s top oil client after China, had stopped oil imports from the OPEC nation in mid-2019 under pressure from the stringent sanctions imposed by former US President Donald Trump. On Monday, …

Indian Oil to source more supplies from Saudi Aramco, Q4 net up 17%
5 years, 7 months ago

Indian Oil to source more supplies from Saudi Aramco, Q4 net up 17%

Live Mint  

State-run Indian Oil Corp. Ltd will source an additional 250,000 tonnes of crude oil per month from the world’s biggest oil producer, Saudi Arabian Oil Co., as India tries to line up supply alternatives in the wake of US sanctions on Iran. In a first, the country’s largest refiner has also inked two term contracts totalling 4.6mt of US crude …

Slippery slope: on India and Iran developments
5 years, 7 months ago

Slippery slope: on India and Iran developments

The Hindu  

Iranian Foreign Minister Javad Zarif was in New Delhi this week as part of a regional outreach that includes Russia, China, Turkmenistan and Iraq amid rising tensions in West Asia. It has recalled all non-emergency diplomatic staff based in neighbouring Iraq; sent an aircraft carrier, the USS Abraham Lincoln, missile defence hardware and B-52 bombers to the Gulf; imposed fresh …

US Sanctions on Iranian Oil: The Reasons and Challenges Explained
5 years, 8 months ago

US Sanctions on Iranian Oil: The Reasons and Challenges Explained

The Quint  

Without a doubt, Iran. China and India are the two biggest importers of Iranian oil, and oil exports are one of Iran’s main sources of revenue. China and India will feel the biggest pinch since Iran supplies a substantial amount of their oil needs, which have been increasing steadily the last few decades. India used to import more oil from …

In an oil slick: On Iran sanctions
5 years, 8 months ago

In an oil slick: On Iran sanctions

The Hindu  

Faced with the U.S.’s intransigent demand that all countries put a full stop to oil imports from Iran or face sanctions, the Indian government has indicated it will ‘zero out’ oil imports after the May 2 deadline. The U.S. has made it clear that Indian companies that continue to import oil from Iran would face severe secondary sanctions, including being …

Iran oil sanctions: Asian countries need to find new sources of oil
5 years, 8 months ago

Iran oil sanctions: Asian countries need to find new sources of oil

CNN  

Dubai CNN Business — Asia’s biggest economies are scrambling to find new sources of oil after the United States said it would no longer grant exemptions to sanctions on Iranian crude exports. The Trump administration on Monday indicated that the United States, Saudi Arabia and the United Arab Emirates would make sure “global oil markets remain adequately supplied.” But it …

India delays May order for Iran crude oil, awaits clarity on sanctions waiver against OPEC-member
5 years, 9 months ago

India delays May order for Iran crude oil, awaits clarity on sanctions waiver against OPEC-member

Firstpost  

Brian Hook, the special US envoy for Iran, in March said Washington is pursuing its plan to bring Iranian crude exports to zero. New Delhi: Indian refiners are holding back from ordering Iranian oil for loading in May pending clarity on whether Washington will extend a waiver from US sanctions against the OPEC-member, four sources said. “We don’t know about …

India's crude oil shipments from Iran slump 60% in February as New Delhi cuts imports under sanctions waiver deal with US
5 years, 10 months ago

India's crude oil shipments from Iran slump 60% in February as New Delhi cuts imports under sanctions waiver deal with US

Firstpost  

India’s February oil imports from Iran were about 4 percent lower than January’s purchases, the data showed. New Delhi: India’s oil imports from Iran in February plunged by over 60 percent from a year ago to about 260,000 barrels per day as New Delhi cuts imports under a sanctions waiver deal with Washington, data compiled by Reuters showed. In the …

India wants to keep Iran oil purchases at 300,000 bpd in extended waiver amid US pressure to cut imports to zero
5 years, 10 months ago

India wants to keep Iran oil purchases at 300,000 bpd in extended waiver amid US pressure to cut imports to zero

Firstpost  

Iran was India’s seventh biggest oil supplier in January compared with its position as third biggest a year ago before the reimpostion of sanctions. New Delhi/Washington: India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day, as it negotiates with Washington about extending a sanctions waiver past early May, two sources in India …

India to bar private refiners from tapping Iran oil quota
5 years, 11 months ago

India to bar private refiners from tapping Iran oil quota

Live Mint  

New Delhi/Mumbai: India will not share the limited supply of Iranian crude allowed under a US waiver from sanctions with private refiners, according to people with knowledge of the matter. The government has asked its four state refiners led by Indian Oil Corp. to share the entire 9 millions barrels of Iranian oil available every month under a 180-day waiver …

Hindustan Petroleum to buy crude from Iran in January after 6-month gap, says report
6 years, 1 month ago

Hindustan Petroleum to buy crude from Iran in January after 6-month gap, says report

Firstpost  

The United States in early November granted India a six-month waiver from sanctions against Iran’s oil exports. New Delhi: State-run Indian oil refiner Hindustan Petroleum Corporation Ltd will buy Iranian crude in January after a gap of six months, with the nation’s overall purchases from Tehran at 9 million barrels in the month, four industry sources said. As part of …

Donald Trump says US will 'take care' of countries that continue to buy oil from Iran after sanctions come into force
6 years, 3 months ago

Donald Trump says US will 'take care' of countries that continue to buy oil from Iran after sanctions come into force

Firstpost  

Donald Trump had pulled the US out of the 2015 nuclear accord, saying it had “failed to achieve the fundamental objective of blocking all paths to an Iranian nuclear bomb” Washington: The US “will take care” of countries which defy its directive to bring their oil imports from Iran to zero by 4 November, President Donald Trump has warned, days …

India should reduce or stop crude oil import from Iran, increase dependence on Saudi Arabia, Iraq: Moody's
6 years, 3 months ago

India should reduce or stop crude oil import from Iran, increase dependence on Saudi Arabia, Iraq: Moody's

Firstpost  

Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month, increasing their dependence on other West Asian suppliers like Saudi Arabia and Iraq, Moody’s Investors Service said. New Delhi: Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month, increasing …

Indian refiners to cut Iran oil purchases ahead of US sanctions; govt works to win waivers
6 years, 4 months ago

Indian refiners to cut Iran oil purchases ahead of US sanctions; govt works to win waivers

Firstpost  

Oil ministry in June told refiners to prepare for a “drastic reduction or zero” imports from Iran from November. New Delhi: Indian refiners will cut their monthly crude loadings from Iran for September and October by nearly half from earlier this year as New Delhi works to win waivers on the oil export sanctions Washington plans to reimpose on Tehran …

India and Iran discuss impact of US sanctions on oil trade, Delhi looks at Rupee-Rial arrangement as way to continue import
6 years, 5 months ago

India and Iran discuss impact of US sanctions on oil trade, Delhi looks at Rupee-Rial arrangement as way to continue import

Firstpost  

India and Iran on Monday deliberated ways to deal with the possible impact on oil trade between the two countries due to the US sanctions on import of Iranian petroleum products. New Delhi: India and Iran on Monday deliberated ways to deal with the possible impact on oil trade between the two countries due to the US sanctions on import …

What is India-Iran oil trade all about?
6 years, 6 months ago

What is India-Iran oil trade all about?

The Hindu  

Iran has always been one of India’s main suppliers of oil, second only to Iraq and Saudi Arabia, with exports that totalled more than 27 million tonnes last year. For India, which has been told along with other buyers to take oil imports to “zero” by the cut-off date of November 4, its decisions on procuring Iran oil this point …

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