India won't cut oil imports from Iran

Last Updated: Thursday, April 11, 2013, 22:36

The Indian government does not intend to cut oil imports from Iran due to US-backed sanctions and the recent decline in purchases were due to payments, insurance and logistics problems, Foreign Secretary Ranjan Mathai said Thursday.

India to buy oil from wherever it gets 'best deal'

Last Updated: Wednesday, April 10, 2013, 19:38

Refusing to "lay down a quota" for importing oil from any country, including Iran which is facing strict financial sanctions imposed by the UN and the US, India on Wednesday made it clear that it will buy oil from wherever it "gets the best deal".

Govt plans Rs 2k cr insurance fund for Iranian crude refiners

Last Updated: Sunday, April 7, 2013, 12:57

To provide insurance cover to domestic refineries that process crude oil imported from Iran, the government is planning to set up a Rs 2,000-crore insurance fund.

Govt plans Rs 2k cr insurance fund for Iranian crude refiners

Last Updated: Thursday, April 4, 2013, 21:34

The fund will start after the refiners contribute money to it, Financial Services Secretary Rajiv Takru said.

Iran replaces ONGC with state company in oil field

Last Updated: Tuesday, March 26, 2013, 17:43

Iran has awarded the development of an offshore oil field that state-owned Oil and Natural Gas Corp (ONGC) had abandoned as commercially unviable, to a domestic company.

India may stop importing Iran oil after insurers back out

Last Updated: Friday, March 8, 2013, 17:52

Indian refiners may soon be forced to stop importing crude oil from Iran after insurance companies said refineries processing oil from the Persian Gulf nation will no longer be covered.

India to end euro payments for Iranian imports this week

Last Updated: Sunday, February 3, 2013, 10:27

India will this week end an 18- month old arrangement of paying for Iranian crude oil imports through a Turkish bank as a new set of US sanctions against the Islamic nation comes into force from February 6.

India's euro payments for Iranian imports may end on Feb 6

Last Updated: Sunday, January 20, 2013, 11:30

India has been, since July 2011, using euros to clear most of its purchases of Iranian oil through Ankara-based Turkiye Halk Bankasi. As much as 55 percent of the USD 10 billion oil imports from Iran are settled through Halk Bank, while the rest of the payments are made in rupees in Kolkata- based Uco Bank.

Iran says it has enough oil for 150 years

Last Updated: Monday, December 24, 2012, 09:58

Iran has enough petroleum to last for 150 years, allowing it to be one of the world's main exporters of crude, Petroleum Minister Rostam Ghasemi told the Fars news agency Sunday.

US set to extend waivers on Iran oil sanctions

Last Updated: Friday, December 7, 2012, 16:31

Two officials said an announcement of the six-month extensions was expected from the State Department today.

Iran plans new oil storage, airline hikes fares

Last Updated: Monday, November 26, 2012, 21:21

Iran has the world`s third largest proven oil reserves and was OPEC`s second largest exporter, but sanctions have stymied the flow since summer.

Iran to build oil reservoirs, refineries in Venezuela

Last Updated: Tuesday, November 13, 2012, 10:58

According to Fars News Agency, Iran has inked agreements with the Latin American country to invest USD 200 million for building four reservoirs to store oil products. In addition, Iran will design and construct some small refineries in Venezuela.