VLCC Brings India's First Iranian Oil Parcel for Emergency Reserves
India has received the first parcel of Iranian oil to partly fill its strategic storage in southern India, Mangalore Refinery and Petrochemicals Ltd , which imported the very large crude carrier (VLCC), said on its website. MRPL shipped in 2 million barrels of Iranian oil in the VLCC Dino. India will fill half of the storage with 6 million barrels of Iranian oil while continuing talks with United Arab Emirates and Saudi Arabia for the remainder.
India Pays part of Iran Oil Dues ahead of Modi Visit
Indian refiners have cleared part of the $6.4 billion owed to Iran for crude oil imports in euros through Turkey's Halkbank, three sources privy to the payment said on Saturday. This is the first payment to Iran by India since the lifting of Western sanctions against the Persian Gulf nation earlier this year and comes just ahead of Prime Minister Narendra Modi's visit beginning on Sunday. State refiner…
India's March Iran Imports top 500,000 bpd
March oil imports from Iran up 135 pct from Feb shipments. India's Iran oil imports topped 500,000 barrels per day (bpd) in March, highest in at least five years, as private refiner Reliance Industries resumed purchases after a multi-year lay-off, preliminary tanker data obtained by Reuters shows. Indian refiners together imported 506,100 bpd oil from Iran last month, a jump of about 135 percent from February, the data showed.
Cairn India Seeks to Export Oil Despite Ban
Cairn India Ltd has invited initial bids for exports of its oil from the desert state of Rajasthan, according to a copy of the tender notice seen by Reuters, despite a government ban on overseas sales of locally-produced crude. A government official said there had been no change in the ban and that Cairn India might simply be trying to establish a price for its oil via the tender process ahead of negotiations to sell it to local buyers.
Indian Delegation to Visit Iran to Discuss Oil Deals
An Indian delegation will visit Iran this week to scout for investment opportunities ahead of an anticipated nuclear deal between the OPEC-member and world powers that would soften sanctions against the country, sources privy to the plan said. Officials from India's finance and oil ministries and executives from ONGC Videsh and Mangalore Refinery and Petrochemicals Ltd are part of the delegation that will hold meeting with their Iranian counterparts on Saturday, the sources said.
India Halts Iran oil Imports Under U.S. Pressure
Oil imports from Iran at 220,000 bpd in year to March 31. U.S. pressured India not to raise annual Iran oil imports. India halted oil imports from Iran for the first time in at least a decade in March as New Delhi responded to U.S. pressure to keep its shipments from Tehran within sanction limits during the last month of negotiations on a preliminary nuclear deal. Iran and six world powers have ramped…
India Rejects BP's Jet Fuel Play
India has rejected a request from BP Plc to be allowed to sell jet fuel to the booming aviation market in Asia's No. 3 economy, saying it did not meet the conditions necessary, a source with direct knowledge of the decision told Reuters. Consumption of aviation fuel is set to rise in India as domestic air traffic is estimated to almost triple this decade, with more of the country's 1.25 billion people starting to fly and as airlines connect smaller cities.
India to Pay Iran $400m Frozen Oil Money This Week
India will soon pay a third tranche of $400 million to Iran ahead of a Nov. 24 deadline to an interim deal with six world powers that allows Tehran to recover part of its overseas frozen oil revenues, industry sources said in Wednesday. Indian oil refiners are preparing to release the payments this week, the sources said, adding Mangalore Refinery and Petrochemicals Ltd and Essar Oil will make the bulk of the payment.
Indian State Refiners Reluctant to Hedge Oil Purchases
India's risk-averse state refiners are reluctant to follow central bank advice to hedge part of the country's $165 billion annual oil import bill, fearing administrative action if they suffer losses, refinery sources said. Officials in Prime Minister Narendra Modi's government on Monday discussed the idea, which is part of a push by Reserve Bank of India Governor Raghuram Rajan to make Asia's No.3 economy less vulnerable to external shocks.
India Prepares to Pay $400 mln Under Interim Deal to Iran
Iran has sought payment of $400 million from India under an interim deal with six world powers that allows the OPEC nation to recover part of its overseas frozen oil revenues, industry sources said in Wednesday. Iran and the United States, China, France, Germany, Britain and Russia agreed in July to extend a six-month interim accord until Nov. 24 after they failed to meet a July 20 deadline for reaching a long-term deal to end their nuclear dispute.
Asia Distillates: Gasoil Firms as Vitol, Glencore Buy
Asia's cash premium for benchmark 500ppm gasoil stayed firm on Friday as a buying spree in the Singapore cash market continued with a total of 10 deals for 500ppm gasoil, with Vitol and Glencore buying most of the cargoes. Buying interest in the Singapore cash market would likely continue for a while, traders said, although it was not immediately clear where the cargoes will head to. Traders added that they are pinning their hopes on regional demand picking up and refinery cuts to curb supply.
India to Make May-July Oil Payments to Iran
India is set to pay Iran $1.65 billion over the next three months under an interim nuclear deal that eases sanctions on Tehran and gives it access to $4.2 billion in blocked funds, four sources with knowledge of the matter said. As long as Tehran complies with the terms of its preliminary agreement with western powers, which took effect on Jan. 20, Iran receives some of its funds frozen abroad in eight payments from various buyers over six months.
