India Oil Firm Cancels Imports from Iran

Iran Left With Just 2 Oil Clients In India After Firm Cancels Imports

The United States-which is pushing to have all Iranian oil customers stop importing crude from Tehran-is looking for alternative oil supplies for its allies whose imports will be disrupted by the USA sanctions on Iran, the Financial Times reported on Thursday, citing a senior US administration official. Asked whether Japanese refiners have suspended their Iranian oil loadings beyond October, Tsukioka said: "I understand that each company's position [over Iranian oil loadings] is the same, to have suspended them while monitoring the situation".

Going forward, there are two major factors for estimating how low Iranian oil exports could sink.

Given the above issue, South Korean companies did not cut their trade and business cooperation with the Iranian economic enterprises in sanctions period, the ambassador reiterated.

While during the previous U.S. and European Union sanctions on Iran between 2012 and 2015, the U.S. Administrations had issued waivers for Iranian oil imports for some of its allies like South Korea, Japan, and India, this time the Trump Administration has adopted a much tougher stance and is pushing to bring Iranian oil exports down to zero. United India Insurance has informed Chennai Petroleum that its new policy, to take effect from October, will not cover any liability related to processing Iranian crude.

India does not have a direct impact of the sanction but the country is looking for safeguard against the risk in the Western reinsurance market, which is against Iran. According to data from Reuters, India is set to take 360,000-370,000 b/d of Iranian oil on average in September and October, compared with 658,000 b/d during April-August. The EU has promised to protect its business interests against the impact of USA sanctions against Iran. "They have agreed to provide support for only 85 percent cover", said a second source, who also declined to be identified.

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Chennai Petroleum, a subsidiary of the country's biggest refiner Indian Oil Corp (IOC), has a deal to buy up to 2 million tons, or 40,000 bpd, of oil from Iran in the fiscal year 2018/19.

United India Insurance and Chennai Petroleum are yet to comment on this matter.

The sanctions on Tehran that will come into effect in November have jeopardised the Chabahar port project in Iran, being jointly developed by India, Iran and Afghanistan.

Nayara Energy is also preparing to halt Iranian imports from November, while Reliance Industries and HPCL-Mittal Energy Ltd have already stopped buying Iranian oil.

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