New Delhi: Iranian crude oil shipments are set to reach India again after a gap of seven years, following a relaxation of US restrictions that had earlier curtailed purchases.
The US had imposed economic sanctions on Iran over allegations linked to nuclear weapons research, and warned that firms trading with Iran could face limits on doing business with American companies. As a result, Indian companies stopped buying Iranian crude in 2019.
With crude prices rising sharply due to the West Asia conflict and disruptions linked to the Strait of Hormuz, the situation also affected the US economy. The report said the US has now eased restrictions to allow purchases from available sources.
In this backdrop, Indian Oil, a public sector oil company, has bought an Iranian crude tanker named “Jaya” that had been headed to China. The vessel has turned back from Singapore and is now on its way to Paradip port in Odisha.
Another Iranian tanker, “Jordan”, has also listed India as its import destination. The arrivals are expected to help address fuel supply shortages.
