Indian biggest refiner keen to increase oil purchase from Iran

Business Materials 30 April 2016 15:19 (UTC +04:00)

Baku, Azerbaijan, Apr. 30

By Fatih Karimov - Trend:

India's biggest oil refiner Reliance has expressed interests to boost its crude oil purchase from Iran, SHANA news agency reported Apr. 30.

The grade of Iran's crude oil is attractive for the company, V Srikanth, Reliance's joint chief financial officer said.

The company has recently announced that has achieved agreements with Tehran to increase its crude oil purchase level from Iran in coming months.

According to Reuters, 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 the sanctions targeting Tehran ended in January.

Iran was India's second biggest oil supplier before economic sanctions aimed at Iran's nuclear program hampered its trade relations.

Saudi Arabia was India's biggest oil supplier in last Indian fiscal year(ended March 31), providing the country with 801,000 bpd of crude oil, equal to 20 percent of India's 4 million barrel of oil demand per day.

Iraq was second oil exporter to India with 680,000 barrels of crude exports per day in the year to March 31.