Wait...
  1. Home >
  2. Export Import News >
  3. Import Business News >
  4. Oil imports: Mangalore refinery to explore US oil for supplies beyond Iran >
  5. Oil imports: Mangalore refinery to explore US oil for supplies beyond Iran

Online Export Import Data Search

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
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 19-09-2019



Date: 17-09-2019
Notification No. 30/2019-Customs
Seeks to amend notification No. 50/2017-Customs dated 30.06.2017 to reduce basic customs duty on Open cell (15.6” and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels and certain goods for use in the manufacture of Open cell of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels.

Date: 14-09-2019
NOTIFICATION No. 37/2019-Customs (ADD)
Seeks to impose the definitive anti-dumping duty on the imports of "Electrical Insulators" originating in, or/and exported from China PR.

Date: 14-09-2019
NOTIFICATION No. 36/2019-Customs (ADD)
Seeks to rescind notification No. 11/2015-Customs (ADD) dated 11th April, 2015.

Date: 13-09-2019
Notification No. 64/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 13-09-2019
Public Notice No. 33/2015-2020
Annexure I to Appendix 2A revised.

Date: 13-09-2019
PUBLIC NOTICE NO. 32/2015-2020
Enlistment under Appendix 2E of M/s Expo Overseas Entrepreneurs Association (EOEA) Indore Madhya Pradesh- Authorized to issue Certificate of Origin (Non-Preferential)- reg.

Date: 13-09-2019
Notification No. 65/ 2019-Customs (N.T.)
Amending Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997 so as to include Barhi, Distt Sonepat, Haryana

Date: 13-09-2019
Circular No. 31/2019-Customs
Revised Norms for Execution of Bank Guarantee under Advance Authorisation, DFIA and EPCG Schemes

Date: 12-09-2019
Notification No. 43/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI -reg.



Exim Guru Copyright © 1999-2019 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.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001