Chennai Petroleum cancels Iran oil imports

Chennai Petroleum cancels Iran oil imports

Chennai Petroleum cancels Iran oil imports

India, Iran's top oil client after China, is still seeking some exemptions to the sanctions from the US though some refiners have already curtailed purchases because of insurance issues tied to the sanctions.

President Donald Trump said on May 8 the U.S. would withdraw from the Iran nuclear deal and re-impose sanctions that have been frozen since January 2016 as part of the Joint Comprehensive Plan of Action.

Work was slowed by the difficulty equipment suppliers had in obtaining financing for the project, a effect of hesitancy among banks about whether the U.S. might still try to sanction the project.

However, despite its actions, Washington will not succeed in stopping Iranian oil exports, experts say, nevertheless, the decline will be felt as the Iran's economic crisis worsens.

Earlier, India was looking at the possibility of falling back on the rupee-rial arrangement for importing oil from Iran in the wake of USA sanctions.

Tsukioka said in July that Japanese oil refiners would likely stop loading Iranian crude oil from mid-September, with final shipments to arrive in the first half of October.




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. One is how much of Iran's oil China, India, and Europe will buy in October and then in November, when the sanctions kick in. Some sanctions took effect from August 6 while those affecting the oil and banking sectors will start from November 4.

Earlier, India was looking at the possibility of falling back on the rupee-rial arrangement for importing oil from Iran in the wake of U.S. sanctions.

Under the process, India used to pay in euros to clear 55% of its dues through Halk bank based in Ankara.

Oil accounts for almost 80 per cent of Iran's tax revenue, according to the International Monetary Fund, making petroleum the regime's economic lifeblood.

However, recent proposals by the Europeans seem practical, he said, adding that "we're looking for mechanisms to continue economic cooperation with them". 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 the following year, the Iranian supplies jumped to 27.2 MT to catapult it to the third spot.

Under Cost, Insurance and Freight (CIF) mode of shipping, the seller assumes the responsibility of transportation and insurance.

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