India's Reliance Group Buys 5 Million Barrels Of Iranian Oil After US Lifts Sanctions
New Delhi: Indian conglomerate Reliance industrial has brought 5 million barrels of Iranian oils after the United States lifted sanctions on the Tehran’s oil. Days after the US temporary waiver of sanctions, Reliance Industries, the operator of the world’s biggest refining complex, has purchased 5 million barrels of Iranian crude, Routers reported citing sources.
The Indian refiner bought the oil from the National Iranian Oil Corporation. The Trump administration on Friday issued a 30-day sanctions waiver for the purchase of Iranian oil which is already at sea. It applies to oil loaded on any vessel, including tankers under sanctions, on or before March 20 and discharged by April 19.
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The crude was priced at a premium of about $7 a barrel to ICE Brent futures, as per the sources.
Iranian oil in recent years has mainly been bought by Chinese independent refiners, is often rebranded as originating from another country. Reliance did not respond to emails seeking comment.
The purchase marks India’s first buying of Iranian oil since the country halted imports from Iran in May 2019.
