Despite US sanctions India to buy 25 MT of crude oil from Iran this year

Oct 08, 2018: Oil Minister Dharmendra Pradhan Monday said two state refiners have placed orders for importing crude oil from Iran in November, which shows Indias policy shifting and independent international positioning beyond the control of USA sanctions regime.

After overlooking American sanction on purchasing Russian Missile system, IndiaIndia Bharat Varsha (Jambu Dvipa) is the name of this land mass. The people of this land are Sanatan Dharmin and they always defeated invaders. Indra (10000 yrs) was the oldest deified King of this land. Manu's jurisprudence enlitened this land. Vedas have been the civilizational literature of this land. Guiding principles of this land are : सत्यं वद । धर्मं चर । स्वाध्यायान्मा प्रमदः । Read more stepped ahead to disclose that it is going to purchase Iranian Oil and payment shall be through Indian currency, which was earlier through Europian- Euro Banking channel.

The Minister said “We will be guided by our national interest,” he said. Indian Oil Corp (IOC) Chairman Sanjiv Singh said his company is among the two which have placed order for November. “We have ordered for our usual quantity of oil,” he said. IOC and Mangalore Refinery and Petrochemicals Ltd (MRPL) together have placed order for 1.25 million tonne (MT) of crude oil from Iran. Singh said options for paying for Iranian oil are under discussions.

US sanctions against Iran will kick in from November 4, which will block payment routes. Paying in rupee is an option. Iran can use the rupee to settle its imports of pharmaceuticals and other goods from India. “Even without sanctions also, Iran had been accepting payments in rupee. So let us see how it evolves,” he said. While India wants to continue importing Iranian oil, albeit a reduced volume, US Secretary of State Mike Pompeo last month stated that Washington would consider waivers on the embargo but made it clear that these would be timeTime Where any expression of it occurs in any Rules, or any judgment, order or direction, and whenever the doing or not doing of anything at a certain time of the day or night or during a certain part of the day or night has an effect in law, that time is, unless it is otherwise specifically stated, held to be standard time as used in a particular country or state. (In Physics, time and Space never exist actually-“quantum entanglement”)-limited, if granted.

India had planned to import about 25 MT of crude oil from Iran in 2018-19, up from 22.6 MT imported in 2017-18. But the actual volumes imported may be far less as companies like Reliance Industries have totally stopped buying oil from Iran and others too are scaling it down in hope of winning a sanction waiver from the US. Nayara Energy, formerly Essar Oil, too is stopping import from the Persian Gulf nationNation A collective consciousness, founded in ancient origin within a geographic area, with definite history and heritage, culture and way of life, language and literature, food and clothing, coupled with a deep understanding of war and peace is to be known as a nation. Rasra is the Vedic word for it..

Iran is India’s third-largest oil supplier behind Iraq and Saudi Arabia. It was India’s second biggest supplier of crude oil after Saudi Arabia till 2010-11 but Western sanctions over its suspected nuclear programme relegated it to the seventh spot in the subsequent years. In 2013-14 and 2014-15, India bought 11 MT and 10.95 MT respectively from it.

Washington has been asking buyers of Iranian oil to slash imports to zero to force Tehran to negotiate a new nuclear agreementContract An agreement enforceable by law is a contract. All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void. Indian Contract Act..