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. A senior official in India's Ministry of Petroleum said that the two companies had agreed to buy up to 1 million tonnes of Iranian crude.
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.