IOC increases crude oil import from Iran to 4-fold in FY17

Indian Oil Corporation (IOC) has raised crude oil import from Iran to 4-fold at 5 million tonnes (MT) in FY17 from 1.2 MT in FY16. The company has also cleared most of the past payments as sanctions against the Persian Gulf nation were eased.

India has steadily raised crude oil imports from Iran after US sanctions were lifted in January this year. Iran today is India’s fourth biggest crude oil supplier. Iran, which was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11, had been relegated to 7th place in 2013-14 and 2014-15 out of the 50-odd nations India sources its crude oil from.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.