Diabytes
Indian refiners News
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India is the second largest buyer of Iranian crude after China, accounting for about 30 percent of total crude exports from the Persian Gulf nation during April-August 2018.
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Indian refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corporation Limited were given a special permission by the shipping ministry to import oil from the United States until March.
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Iran has cut by one-third the time it gives to Indian refiners to pay for oil they buy from it and has also raised ship freight rates as a retaliatory measure to New Delhi's decision to reduce Iranian oil imports.
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India has agreed to pay Iran an interest of 1.5 percent on USD 6.5-billion that refiners like Essar Oil and Mangalore Refinery (MRPL) owe it in oil dues, as a 'goodwill gesture'.
India has asked its refiners to slash oil buys from Iran in the next two months to keep the imports in line with the previous fiscal year`s levels, sources with knowledge of the matter said, days ahead of President Barack Obama`s visit to New Delhi.
Moody's Investors Service on Tuesday said it expects Indian refiners' credit metrics to improve over the next 12 months on decline in borrowings.
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