India to buy Iranian oil despite US sanctions

Dharmendra Pradhan, union minister for petroleum and natural gas, said that despite US pressure to cease oil imports from sanctions-hit Iran, the Indian government is going ahead is negotiating greater oil purchases from the West Asian nation, along with Venezuela and Russia. Two Indian companies have made nominations to purchase oil from Iran.

Pradhan said this while speaking at the inaugural conference of The Energy Forum on October 8. 

 “Two oil companies of ours have made nominations to purchase Iranian oil in November. We do not know if we will get a waiver (from US sanctions),” Pradhan said.

Sanjiv Singh, Indian Oil Corp (IOC) chairman said that his company is among the two which have placed order for November. “We have ordered for our usual quantity of oil,” IOC chairman added.

IOC and Mangalore Refinery and Petrochemicals Ltd together have placed order for 1.25 million tons (MT) of crude oil from Iran.

US sanctions against Iran will kick in from November 4, which will block payment routes. Paying in rupee is an option.