NEW DELHI: Indian refiners will pay for oil from Iran in rupee, using UCO Bank and IDBI Bank, from November 4 when petroleum-related sanctions against the Islamic Republic take effect, according to people familiar with the matter. India has also offered to cut its oil purchase from Iran significantly to secure a waiver from the US to continue its imports.Without a waiver, an oil trade or financial transaction with Iran risks cutting India off the US financial system. Iranian oil exports have dropped ahead of sanctions as several countries have begun to curtail their purchase from the Middle-East producer.Indian Oil Corp, Mangalore Refinery and Petrochemicals (MRPL) and Nayara Energy (formerly Essar Oil) are some of the heaviest Indian importers of Iranian oil that comes with cheaper freight and a longer 60-day credit period. Indian refiners’ plan to lift Iranian oil in September and October means they would need to pay for these after the sanctions have become effective on … [Read more...] about Indian refiners to pay Iran for oil in Rupee
Iranian oil tanker collision
New Delhi: Crude oil prices will remain high in the near term, while petrol supply will increase globally, which will reduce the profit a refiner makes from producing fuel, Reliance Industries, which runs the world’s biggest refining complex at Jamnagar, said. However, medium-term refining margins will be supported by the global growth in demand and much tougher emission norms for the shipping industry that come into force from 2020, the conglomerate said late on Wednesday in a presentation to analysts after reporting a 17.5% rise in consolidated net profit for the July-September quarter.It said the business faced headwinds from the US-China trade tensions, currency depreciation in emerging markets and higher price of oil. Also, fewer planned maintenance shutdowns of units globally, would increase the refinery runs, it said.It said gasoline cracks, or the difference between the price of crude oil and petrol, may be under pressure because of lower refinery turnaround and ramp up … [Read more...] about Oil refiners’ profit will fall on high crude prices: RIL
Western media on Thursday quoted "U.S. officials" as saying that U.S. President Donald Trump administration has recently seized four tankers which were targeting for transporting Iranian fuel to Venezuela. … [Read more...] about Iran denies seizure of Venezuela-bound gasoline tanker by U.S.