...

Iran to import 8-10 million liters of gasoline from India

Iran Materials 17 September 2013 16:41 (UTC +04:00)

Azerbaijan, Baku, Sep. 17/ Trend, F. Karimov/

Iran will import 8-10 million liters of premium gasoline from India, the Fars News Agency reported.

Earlier, the Iranian oil minister had said that the country needs to import premium gasoline for increasing the octane number of domestically produced gasoline.

India will export gasoline to Iran for crude oil in return.

Early in August, Iranian media outlets said that Iran may barter crude oil with gasoline in September to stabilise the country's strategic gasoline reserves.

Iran needs to import gasoline to meet its domestic demand, Iranian Oil Minister Bijan Namdar Zanganeh said.

U.S. and European Union sanctions have pushed Tehran into accepting payment for its oil.

The U.S. and EU sanctions placed on Iran over its nuclear programme have reduced its oil exports by more than half from the pre-sanction levels of about 2.2 million bpd.

In the first half of 2013, imports of Iranian oil from its four biggest buyers - China, India, Japan and South Korea fell more than a fifth from a year ago to around 960,000 bpd.

Overall, in the first seven months of this year, India's imports from Iran declined 46 percent from the same period last year to about 185,700 bpd.

Iran dropped to 15th place in July on the list of India's crude oil suppliers for the month, down from eighth place in June and fourth for all of 2012.

Latest

Latest