‘Two Indian companies to buy Iranian oil in November’

‘Two Indian companies to buy Iranian oil in November’
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New Delhi, Oct 8: Two Indian companies have placed orders to buy Iranian oil in November, petroleum minister Dharmendra Pradhan said on Monday, adding that India does not yet know if it will be granted a waiver from US sanctions on Iran.
India, the world’s third-biggest oil importer, will buy 9 million barrels of Iranian oil in November, Reuters reported on Friday, citing two industry sources.
India was discussing its options to buy Iranian oil with all authorities, Pradhan said.
US sanctions on Iranian oil purchases are due to take effect on November 4.
On Friday, a news agency had quoted sources to report Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have contracted 1.25 million tonnes of Iranian oil for import in November.
The sources said India and Iran are discussing reverting to rupee trade after November 4.
“Iran has been off-and-on taking rupee payments for oil it sells. This rupee it uses for paying for imports of medicines and other commodities. A similar arrangement is in works,” a source said adding details of the payment mechanism would emerge in the next few weeks.