Indian Oil Corp has dramatically raised crude oil import from Iran.
Iran’s crude sales to Indian Oil Corp. (IOC) has risen four folds, reflecting the country’s success in raising exports in order to claw back its market share after the lifting of sanctions.
According to IOC Financial Director A K Sharma, the biggest Indian oil company has contracted to take in 5 million tonnes of crude oil from Iran in 2016-17, up from 1.2 million tonnes last year.
IOC also cleared most of its debt which it owed to Iran for the crude oil bought during years of sanctions on the Islamic Republic, another official said.
The company paid Iran $510 million out of the total outstanding of $621 million in past oil dues, Indian media quoted IOC Director of Refineries Sanjiv Singh as saying.
has been raising oil imports from Iran since January when a deal came into effect to put differences over the Islamic Republic’s nuclear program to rest.