• Mon / 8 October 2018 / 12:20
  • Category: Economy
  • News Code: 97071609066
  • Journalist : 71477

Two Indian companies to buy Iranian oil in November: Oil minister

Two Indian companies to buy Iranian oil in November: Oil minister

Tehran (ISNA) – Two Indian oil companies have placed orders to import Iranian crude next month, Oil Minister Dharmendra Pradhan said Monday, defying a call from President Donald Trump's administration for countries to completely cut-off the Islamic republic.

U.S. sanctions targeting Iran's crude oil exports come into force from November 4, with Washington ratcheting up the pressure on governments and companies around the world to slash their Iranian oil imports to zero.

However, Oil Minister Pradhan said India would continue to purchase Iranian crude in November, according to Reuters.

Speaking at the "The Energy Forum" in New Delhi on Monday, he said the world's third-largest oil importer did not know whether it would receive a waiver from U.S. sanctions.

Pradhan also added the country was considering evolving a different payment system to buy Iran's oil and that it could pay using Indian rupees. This would signal an attempt to bypass U.S. sanctions on Iranian transactions using the dollar — the dominant currency in global oil trade.

Indian refiners imported around 10 million barrels of Iranian crude in October, although its November shipments are likely to be lower.

State owned oil and gas company, Indian Oil, was thought to be planning on purchasing 6 million barrels of Iranian oil next month, while Mangalore Refinery and Petrochemicals were set to buy 3 million barrels, Reuters reported on Friday, citing two unidentified industry sources.

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