Indian firm to receive Iran oil this week

File photo shows an Iranian supertanker.

Major Indian oil refinery, Mangalore Refinery and Petrochemicals Limited (MRPL), says it expects to receive an Iranian oil cargo by the end of this week.

“It (the cargo) was loaded at Kharg (island) on 8th and 9th of this month and is likely to reach Mangalore by the end of this week,” MRPL’s managing director P P Upadhya said on Monday, Reuters reported.

He added that the firm plans to lift four Iranian oil cargoes this month.

India is reportedly mulling over providing a 20 billion rupee ($327 million) state guarantee to back local insurance for refineries importing oil from Iran.

“Regarding the reinsurance issues, GIC (General Insurance Corp) is working out the plan and we hope it will take care of our interest,” Upadhya said.

The Indian energy official further noted that MRPL was finding it difficult to replace Iranian crude.

India is among Asiaâ„¢s major importers of energy and relies on the Islamic Republic of Iran to meet a portion of its energy demands.

In late July, Iran offered sovereign guarantees for tankers shipping its crude oil to India.

On January 23, 2012, under pressure from the United States, the EU foreign ministers approved a round of 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.

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Republished from: Press TV