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Essar Oil slashes oil imports from Iran

06 Dec 2012 Evaluate

Essar Oil has reduced oil imports from Iran in November and aims to reduce purchases further, strengthening New Delhi's hopes of a continued waiver from US sanctions. India received a six-month waiver in June from the United States from its sanctions, which target Iran's nuclear programme and will cut off countries failing to reduce Iranian oil imports from its financial system. Renewal of the waiver requires further cuts.

Privately-owned Essar was Iran's top Indian client in April-October, temporarily replacing state-run Mangalore Refinery and Petrochemicals. The sanctions aim to choke Iran's oil revenue, the lifeline of its economy, and to force the OPEC member to curb its nuclear programme. 

Peers
Company Name CMP
Reliance Industries 1435.70
Indian Oil Corp. 144.70
BPCL 302.85
HPCL 387.00
MRPL 167.90
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