Petroleum Minister M Veerappa Moily informed in Rajya Sabha that Indian Oil Corp (IOC) agreed to import 1.2 million tonne crude oil from Iran in 2013-14 compared to 1.566 million tonne in the previous year.
This represents a fall of over 23 per cent in crude oil import by IOC from the Persian Gulf nation.
During April-June 2013, the firm imported 0.577 million tonne of oil from Iran. It may be noted that IOC is India's third largest importer of Iranian oil behind Essar Oil and Mangalore Refinery and Petrochemicals.
The state-run oil refiner imported $1.262 billion worth crude oil from Iran in 2012-13. Of this, $653.015 million in rupee and $415.140 million in euros through a Turkish bank. $194.31 million remains to be paid from 2012-13.
Of the current year purchases, IOC has paid $193.09 million in rupee and $235.99 million balance remains.
In 2012-13, India reduced import of crude oil from Iran by over 26.5 per cent as US and European sanctions made it difficult to ship oil from the Persian Gulf nation.
In volume terms, India sourced about 13.3 million tonne of crude oil from Iran in 2012-13 compared to 18.1 million tonne shipped in the previous financial year.