Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Oil imports: Mangalore refinery to explore US oil for supplies beyond Iran.

Date: 25-04-2019
Subject: Oil imports: Mangalore refinery to explore US oil for supplies beyond Iran
Mangalore Refinery and Petrochemicals (MRPL), which imports a fourth of its annual crude oil requirement from Iran, is exploring the option of long-term contract with the US apart from increased sourcing from Saudi Arabia, Iraq, UAE, Kuwait and west African countries, given imports from the sanction-hit country will have to be stopped starting May 2.

“Going forward, we will explore import options from the US by evaluating the economics of handling US crude,” said M Venkatesh, managing director at MRPL, adding that all options are open and the company will opt for the most viable option.

In 2017-18 crude processed by MRPL, a subsidiary of ONGC, stood at 16.31 million tonne. The company has an annual deal to buy 4.5 million tonne of oil from Iran with an option to buy an additional 1 million tonne. However, US President Donald Trump on Monday declared that the country will not extend the waiver for existing importers of Iranian oil beyond the initial six months, which means MRPL will have to look for alternatives.

Venkatesh, though, added that the company — which relies mostly on imported crude as it is situated away from crude oil production facilities — will prefer supplies from West Asian countries over others. “Supplies from West Asia takes around 7-8 days compared with 45 days from Latin American producers,” he added. Supplies from West Asia make up for more than 65% of the requirement of MRPL and sourcing is done through term contracts.

In the wake of the impending threat of no supply from Iran, MRPL in 2017-18 processed two new varieties of crude — Qarun Blend from Egypt and South Green Canyon from the US on a trial basis. The company, in its annual report for 2017-18, had said: “The recent developments surrounding Iran and imminent US sanctions and pressure on India to reduce imports from Iran point towards a significant short-term supply risk to the company.” However, Venkatesh it will not be difficult to replace Iranian crude, given the company has now spread its sourcing options.

While the buzz was around for a while, Trump reimposed sanctions on Iran last year by revoking the deal between the Persian Gulf nation and other European nations apart from the US signed in 2015. While some sanctions came into effect immediately on August 6, 2018, oil sale related sanctions came into force from November 2, 2018. However, eight nations, including India, were given waiver till May 2 to import restricted quantity of crude oil from Iran.

Source: financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 24-10-2020

Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 49/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 07-10-2020
Public Notice No.24 /2015-20
Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper

Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001