Friday, 20 September, 2019

Indian Refiner Cancels Iran Oil Imports

India Will Import Iranian Oil; In Talks With EU Over Payment Option Iran sanctions: India in touch with all stakeholders
Russell Knight | 23 September, 2018, 01:44

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. The Trump administration is now in talks with India on issues related to Iranian sanctions.

U.S. President Donald Trump has threatened to sign an executive order on November 4 to snap back U.S. sanctions on Iran's energy exports and global financial transactions.

India is in touch with both Iran and the U.S. on the complex issue.

The sources said India has selected UCO Bank and IDBI Bank for facilitating payment to Iran.

At present, Indian companies are using Euro payment mechanism of the State Bank of India and Germany-based Europaeisch-Iranische Handelsbank AG.

"It is quite complicated. reinsurers are quite apprehensive about extending cover for Chennai Petroleum", said one of the sources, who asked not to be identified because of the sensitivity of the issue.

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Japanese refiners have temporarily suspended Iranian oil loadings ahead of United States sanctions, while they are also closely monitoring government talks with Washington on securing a waiver to continue their imports, Petroleum Association of Japan President Takashi Tsukioka said at a press conference Thursday. India has said that the implementation of Joint Comprehensive Plan of Action (JCPOA) sanctions relief in January 2016 paved the way for work to begin in earnest on the Chabahar project. During Iran President Hassan Rouhani's visit to India in February 2018, he and India's Prime Minister Narendra Modi signed memoranda outlining future expanded energy cooperation, the report added.

Sources said that the 28-nation bloc European Union has conveyed New Delhi that they were in process of devising a payment mechanism as U.S. dollars for oil transaction will be restricted post November 4 when the USA sanctions come into force.

Japan's Iranian oil imports increased year on year for the third consecutive month in July as refiners rushed to take cargoes before United States sanctions come into effect in November.

Yet, if the trend this month continues, Iran's oil exports would still be around 200,000 bpd lower than in August, when exports had averaged 1.92 million bpd, down from 2.32 million bpd in July, according to Platts estimates. SBI has told refiners it would stop handling Iran payments from November.

In September, the trend of reduced Iranian oil exports has continued, and analysts expect further cuts from some of Iran's oil customers.

Till now, the 28-country bloc has not put forward a compact proposal for making payments to Iran for buying of oil.

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