India imports Iranian oil on Islamic Republic tankers

Reflecting the troubles faced due to the sanctions imposed on Iranian imports, India has started loading Iranian crude in tankers owned by the Islamic Republic, said the sources.

The move comes against the customs of state-run refiners to transport oil in vessels owned by local shipping companies. This is likely to impact the daily oil export for Iran, which is estimated to fall majorly in July, added the sources.

The hindrance was faced as the European sanction on Iran came into effect from July 1, banning the insurers and reinsurers from covering shipments of Iranian oil. The sanction from the Western countries was imposed to discourage Iran from conducting nuclear activities, in which it is currently involved.

(PennEnergy 6JUL12)

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