Indian oil refiners Indian Oil and Mangalore Refinery and Petrochemicals have both signed contracts worth a combined 9 million barrels to import Iranian crude 4 November, according to inside sources. The announcement comes despite impending US sanctions against Iran, set to come into force on next month, and with no clarity on whether India will receive a waiver from the US. India is the world's third largest importer of crude oil and is Iran's top client after China.
Indian oil refiners Indian Oil and Mangalore Refinery and Petrochemicals have both signed contracts worth a combined 9 million barrels to import Iranian crude next month, according to inside sources. The announcement comes despite impending US sanctions against Iran, set to come into force on 4 November, and with no clarity on whether India will receive a waiver from the US. India is the world's third largest importer of crude oil and is Iran's top client after China.