Indian refiner curtails Iran imports

Multinational

NEW DELHI, June 12, 2018 – Nayara Energy, formerly Essar Oil, has started to reduce Iran crude imports following the withdrawal of the USA from a key nuclear treaty last month, international media reported on Monday.

“Nayara will be lifting about [40%-50%] less than the average volumes, limiting its intake of Iranian oil to about 3 [million]-4 million barrels in a month,” an anonymous industry source told Reuters. The company, which changed its name days ago following its acquisition by a Rosneft-led consortium last year, is one of India’s largest purchasers of Iranian crude, the report added.

The news came weeks after India’s government said it would not abide by unilateral US sanctions on Iran.

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