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India’s Iranian oil imports hit 5 year-high in March

by ChemOrbis Editorial Team -
  • 05/04/2016 (13:55)
According to preliminary tanker data obtained by Reuters, India’s crude oil imports from Iran hit the highest level in five years, reaching 506,100 barrels of oil per day (bpd) in March. The March figure represented a surge of 135% from February as refiners, including Reliance, have resumed their crude imports from Iran following a landmark nuclear deal. Reliance made its first oil shipment from Iran in about six years.

Essar Oil was the biggest importer of Iranian oil in March with about 207,400 bpd, followed by about 130,000 bpd by Mangalore Refinery and Petrochemicals (MRPL) and about 90,600 bpd by Reliance. Indian Oil Corp (IOC), the country’s largest refiner imported about 67,000 bpd from Iran in March.

Data also showed that India imported 14.4% more oil from Iran at about 251,100 bpd in the fiscal year ended on March 31. The increase was the largest annual growth since the 2007-2008 fiscal year.
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