India’s Reliance Industries, operator of the world’s biggest refining complex, has purchased 5 million barrels of Iranian crude, days after the US temporarily removed sanctions on the oil, Reuters reports, citing three sources familiar with the matter.
The Indian refiner bought the oil from the National Iranian Oil Co., two of the sources said. One of them said the crude was priced at a premium of about $7 a barrel to ICE Brent futures. It was not immediately clear when the oil would be delivered.
The deal marks India’s first purchase of Iranian oil since the world’s third-biggest oil importer and consumer halted imports from Iran in May 2019, months after Washington reimposed sanctions on Tehran.
Other Asian refiners, including Indian state firms, are making checks to see if they can purchase the oil, several sources have said. However, Asia’s top refiner Sinopec does not intend to buy Iranian oil, a senior executive at the Chinese state giant has said.
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