MUMBAI: Indian state refiners plan to almost double oil imports from Iran in 2018/19, drawn by incentives offered by Tehran, sources with knowledge of the matter said, potentially helping Iran increase its share in the world’s third-biggest oil importer.
Iran is pushing to retain its oil customers in Asia, offering better terms than other Middle Eastern suppliers including Saudi Arabia, even as the threat looms of potential further U.S. sanctions on the OPEC member. Official government data for 2017/18 is not yet available but information from sources showed Iran remained the third-biggest oil exporter to India during April 2017-February 2018, while Iraq replaced Saudi Arabia as top supplier.
State refiners, which account for two-thirds of India’s 5 million bpd refining capacity, last year curbed imports from Iran in protest at Tehran’s move to grant development rights for the giant Farzad B gas field to others.
