INSUBCONTINENT EXCLUSIVE:
it may resume buying Iranian oil if Delhi secures a waiver from US sanctions, its chairman M K Surana said on Thursday
India is Iran's top oil client after China and hopes to get a waiver on US sanctions before they take effect on Sunday, after significantly
reducing its oil imports from Iran
"Why not" Surana told a press conference, when asked if his firm would look at resuming oil imports from Iran if India gets a
waiver."Iranian crude is not a significant item in our crude basket
Depending on the situation we will see
It's an economic evaluation for us, if there are no boundary lines drawn, and it makes economic sense, it will be bought."A government
source told Reuters that the United States could announce a waiver for New Delhi on Sunday
The source said India would soon sign an initial agreement with Iran to start paying for oil in rupees through UCO bank.India would continue
to buy Iranian oil in the current fiscal year to March but to secure the waiver may agree to further cut purchases, the source said.The
United States is imposing new sanctions on Iran's oil industry after Washington withdrew from a nuclear deal between Tehran and other global
powers.After the latest round of US sanctions was announced, HPCL was the first Indian refiner to halt purchases from Iran after its insurer
backed out.HPCL's head of finance J Ramaswamy told the same press conference that the company had already settled all payments for Iran oil
purchases.In the previous round of sanctions India made payments in rupees to Iran's account with UCO bank
Iran used the funds to buy goods from India.
