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Two Indian companies to buy Iranian oil in November: Dharmendra Pradhan

Despite the fact that India does not know for certain whether it will be granted a waiver from US sanctions on Iran, two Indian companies have placed orders to purchase Iranian crude in November, Petroleum Minister Dharmendra Pradhan said.

 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.

On Friday, news agency PTI 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.

According to the sources India and Iran are discussing rupee payments and Iran can use rupee for paying for imports of medicines and other commodities. Details of the payment mechanism would emerge in the next few weeks, a source said.

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