Photo: ReutersNew Delhi/London: Reliance Industries Ltd (RIL), owner of the world’s biggest refining complex, plans to halt oil imports from Iran, two sources familiar with the matter said, in a sign that new US sanctions are forcing buyers to shun oil purchases from Tehran. A second source said the company could halt imports from Iran earlier than that if European nations and Tehran failed to salvage the nuclear deal. This source said that some insurance companies have asked RIL to end exposure to Iran before November. In the interim period until it stops buying Iranian oil, RIL has asked NIOC to supply Iranian oil in vessels owned by National Iranian Tanker Co. (NITC), the sources said. In 2017, RIL’s oil imports from Iran surged by about 45% to 67,000 bpd, according to ship tracking data.

Source: Mint May 31, 2018 04:18 UTC