Arab Today, arab today india to cut iran oil imports may not seek waiver
Last Updated : GMT 13:14:04
Arab Today, arab today
Arab Today, arab today

India to cut Iran oil imports, may not seek waiver

Arab Today, arab today

Arab Today, arab today India to cut Iran oil imports, may not seek waiver

New Delhi - Arabstoday

India’s government has told refiners to reduce Iranian oil imports and find alternatives as New Delhi may not seek a waiver that would protect buyers of Tehran’s oil from a fresh round of U.S. sanctions, two industry sources said on Wednesday. India, Iran’s second largest oil buyer after China, is already struggling to pay for the crude due to existing sanctions, and fresh U.S. measures aimed at isolating Iran over its nuclear program will make payment even harder. The South Asian country buys from Iran about 12 percent of its oil needs, or 350,000-400,000 barrels per day (bpd) and worth $12 billion annually. Indian oil firms were told by officials at a meeting on Monday that the government was not planning to seek an exemption from the U.S. sanctions, and were advised to reduce dependence on Iran and be ready with alternative supply sources. “The companies have been told to reduce Iranian supplies and the government is not planning to seek a waiver,” said one of the industry sources, who declined to be identified due to the sensitive nature of the matter. The second source said the government appeared to believe that a waiver from the sanctions would provide only temporary relief as the exemption would only be for 120 days. India’s National Security Adviser Shivshankar Menon, who officials have said is driving his country’s negotiations on Iran oil, met U.S. Charge d’Affaires to India Peter Burleigh last week. “India is indicating it will not seek a waiver,” said a source at a foreign embassy in New Delhi with knowledge of the matter. “What is the point in short-term solutions? The waiver is not forever. Perhaps the Indian government realizes it is better to reduce (Iranian imports) or replace if possible.” A senior Indian government source with direct knowledge of the matter said “no decision has yet been taken” on seeking exemptions under the U.S. sanctions. India is currently paying for Iran oil imports through Turkey’s Halkbank, a mechanism that is expected to succumb to a new law U.S. President Barack Obama signed on New Year’s Eve, which if implemented fully would prevent most refineries from paying for Iranian crude. Halkbank has already refused to open an account for state-run Bharat Petroleum Corp for oil from Iran. The U.S. law would strip any institution dealing with Iran\'s central bank from access to the U.S. financial system. However, the law allows Obama to issue waivers to firms in countries that significantly reduce dealings with Iran, or at any time when it is either in the U.S. national interest or necessary for energy market stability. An Indian delegation will visit Tehran from Jan. 16-21 to explore alternative routes of payment to ensure supplies without breaching sanctions, a government source said. Indian refiners have gradually started raising supplies from other sources such as Saudi Arabia, Iraq and the United Arab Emirates. Hindustan Petroleum recently doubled the size of its annual crude purchase deal with Saudi Arabia. HPCL is the second Indian firm after Mangalore Refinery and Petrochemicals Ltd to raise supplies from the Kingdom, the world’s biggest oil producer. Al Arabiya

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today india to cut iran oil imports may not seek waiver Arab Today, arab today india to cut iran oil imports may not seek waiver

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday