Iran sanctions to cost state-run refiners $500 mn: Moody's
Rating agency Moody's has estimated a decline of around $500 million in earnings for state-owned refiners Indian Oil, Bharat Petroleum and Hindustan Petroleum on account of substituting crude imports from Iran. Indian refineries, which import over 80% of crude oil, sourced about 14% of their imports from Iran. US sanctions on Iranian oil exports will take effect on November 5.