Mangalore and Indian Oil Have New Mechanism to Mitigate Iran Sanctions — Panjiva


Mangalore and Indian Oil Have New Mechanism to Mitigate Iran Sanctions

Energy - Conventional 272 Energy - Crude Oil 194 India 283 Iran 18 Sanctions 74 U.S. 3297

Indian oil importers will be able to utilize a new rupee-and-euro payment mechanism to continue shipments of crude oil from Iran following the imposition of U.S. sanctions. That may be a model for other buyers of Iranian crude globally including those in Japan and South Korea. Iran accounted for 13.8% of Indian oil imports in the 12 months to Sept. 30, or 13.8% of the total. The largest oil importers in the third quarter of 2018, which may be helped by the new mechanism, include Mangalore Oil, which relied in Iran for 47.4% of its imports, and Indian Oil which sourced 20.5% of its import...

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