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Wed Jul 24, 2013 12:51PM
Iran Najm supertanker (file photo)

Iran Najm supertanker (file photo)

Major Indian oil refiner, Mangalore Refinery & Petrochemicals Limited (MRPL), is preparing to resume crude imports from the Islamic Republic of Iran after it halted the procedure in April."
Recent data shows India’s crude oil imports from Iran have increased by 21.1 percent in June 2013 compared to a year earlier despite the US-led sanctions imposed on the Islamic Republic's energy and financial sectors. Essar Oil Ltd purchased 138,900 barrels per day (bpd) of Iranian crude oil in June, which marks a 16.3-percent growth compared to the previous month. Meanwhile, major Indian oil refiner, Mangalore Refinery & Petrochemicals Limited (MRPL), is preparing to resume crude imports from the Islamic Republic of Iran after it halted the procedure in April. Managing Director of the MRPL P. P. Upadhya recently said the refinery stopped imports because local insurers said they could no longer cover plants that process Iranian crude. He added that MRPL has secured local reinsurance for claims of up to 5 billion rupees (over USD83 million). Last month, India won a 180-day waiver from the US sanctions targeting oil trade with Iran. India is among Asia’s major importers of energy and relies on the Islamic Republic of Iran to satisfy a portion of its energy demand. On January 23, 2012, under pressure from the United States, the EU foreign ministers approved new sanctions against Iran's oil and financial sectors. The sanctions, which prevent EU member states from purchasing Iran's oil or extending insurance coverage for tankers carrying Iranian crude, came into effect on July 1, 2012. The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program. Iran rejects the allegation, arguing that as a committed signatory to the Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes. MP/HGH/SS
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