MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

India cuts down on Iranian oil imports, hopes for a waiver from the US

India cuts down on Iranian oil imports, hopes for a waiver from the US

Despite the US sanctions set to be effective during the month, Indian public sector oil companies still have placed orders to buy crude from Iran. India expects a waiver from the Donald Trump administration which will be provided if the country reduces importing oil from Iran before November 4. According to a recent announcement from Washington, it will consider waivers for nations who will decrease their Iranian oil imports.  

Petroleum Minister, Dharmendra Pradhan spoke to journalists saying that the waiver issue is being discussed with the concerned authorities at New Delhi. Pradhan also stressed on the nation’s need to satisfy all domestic requirements, so India might still have to rely on some Iranian unrefined after the US sanctions. Indian Oil Corporation and HPCL-run Mangalore Refineries and Petrochemicals Ltd have got into deals to buy Iranian oil.

India is now attempting to balance its relationship with the U.S. and Iran without adversely affecting its energy and security interests. “We expect the global leadership to acknowledge India’s need for Iran’s oil”, Pradhan said. He also mentions that he had a talk with Khalid al-Falih, Saudi Oil Minister, regarding the June decision by OPEC and major oil producers to add 1 million bpd to the oil market. “Oil should not be priced from a producers’ point of view. Consumers interest should also be taken care of”, he added. Indian Oil chairman, Sanjiv Singh said that some Indian refiners have paid for the Iranian oil, and in case of absence of any alternatives, the same mechanism could be put to use in the future to settle trade with Tehran.

YOU MAY ALSO LIKE

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

Business Travelers to Stay at Singapore’s Changi Airport Bubble

Singapore’s open economy depends heavily on tourism and business. But its vibrant but small economy has been hurting as the circumstances due to...

Countries in Asia-Pacific are marching towards ‘green recovery’ amidst Covid-19 crisis

2020 has been an unforgettable year for many of us. The ongoing Covid crisis has reminded people that it is very important to have an uninterrupted an...

Department of Telecommunication to announce the new schedule for 5G trials

Department of Telecommunications (DoT) is all set to announce the new schedule for 5G trials. The Dot made this decision after being pulled by the par...

RECOMMENDED