After stopping for four months, Mangalore Refinery and Petrochemicals (MRPL) plans to resume Iranian oil imports from August, because it has found no suitable alternatives, sources said. Resumption of shipments by MRPL, Iran’s top Indian client until it stopped purchases in April, will help to revive the country’s Iranian oil imports. India’s intake of Iranian crude fell by 40 per cent in the April-June quarter, as refiner Essar Oil became Iran’s lone Indian client.
MRPL and Hindustan Petroleum Corp both halted their Iranian oil buys amid difficulties securing insurance for refineries processing oil from the sanctions-hit country. Other crudes are not giving the right price margin. They are not of right type of quality and are not available at the right time, said the source.
All these problems are there. MRPL stepped up purchases from term suppliers including Saudi Arabia and bought Oman oil to replace the Iranian barrels.
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