BPCL seeks extra Iran oil amid sanctions threat
Indian state refiner Bharat Petroleum Corp. has requested an extra one million barrels of oil from the National Iranian Oil Co. (NIOC) for June, two industry sources said, amid a looming threat of stringent U.S. sanctions. The move by BPCL indicates that refiners will try to front-load their purchases from Iran ahead of a November U.S. deadline for re-imposing sanctions on the country’s petroleum sector. Uncertainties cloud Iran’s oil exports after U.S. President Donald Trump abandoned a 2015 nuclear agreement this month and ordered the re-imposition of U.S. sanctions on Tehran. Some sanctions take effect after a 90-day “wind-down” period ending on August 6, and the rest, notably on the petroleum sector, after a 180-day “wind-down period” ending on November 4. “At this point of time Iranian crude is attractive … it is faring better than spot cargoes and other crudes,” said one of the sources. Free shipping Iran has agreed to provide almost free shipping to Indian refiners in 2018/19, an incentive that significantly reduces the landed cost of Iranian oil compared to rival regional grades. “When the going is good, BPCL thought it should take it,” this source said. BPCL did not respond to Reuters’ request for comment. Top client India is Iran’s top oil client after China and was one of the few nations that continued to trade with Tehran during the previous round of Western sanctions as New Delhi follows only the restrictions imposed by United Nations. So far India’s oil imports and payment mechanism have not been hit by the threat of U.S. sanctions. India’s Reliance Industries Ltd., owner of the world’s biggest refining complex, plans to halt oil imports from Iran, two sources familiar with the matter said this week, in a sign that new U.S. sanctions are forcing buyers to shun oil purchases from Tehran. Reliance’s move is expected to take effect in October or November. Europe visit An Indian delegation with officials from the finance, petroleum and foreign ministries will visit European nations for a week from Monday to explore ways to continue to trade with Iran despite U.S. sanctions, a government official said. European states have been scrambling to save the 2015 nuclear deal and planning a package of economic relief to persuade Iran to stay in the deal. “Europe has taken a position, which is different this time. This time we are in the same boat,” this official said. The Indian delegation would visit France, Germany, Britain and Brussels to meet governments and bankers. Currently India settles oil payments in euros through Germany’s EIH Bank. “(It’s) not only oil imports, we (European nations and India) are also impacted by concomitant things like banking. We will discuss all these and the way forward,” the official added. Rashod Hill Jersey
Revenue earned during lean crude market utilised for developmental projects: Piyush Goyal
Revenue earned by the government during low crude prices in the International market has gone into the developmental projects of various nature and magnitude, Union Minister Piyush Goyal said today. Goyal was talking to media here ahead of flagging of Bandra — Jodhpur Hamsafar Express from Bhagat ki Kothi railway station. “The revenue earned by the government during the lean crude market by not reducing the prices accordingly, has been utilised in developmental projects, which were of very high importance,” the Minister for Railways, Coal and Corporate Affairs said. On spurt in fuel prices He, however, said the government was concerned about the spurt in fuel prices in the country and the inconvenience caused to the common man because of the price rise. “It is matter of concern for us and we are working desperately on the issue to bring a reduction in the prices of fuel in order to provide relief to the common man,” Goyal said. The minister said Prime Minister Narendra Modi assumed office amid a highly adverse financial condition both on national and international level, but due to efficient and determined handling of the situation by the government, situation has come on track. “As a result the GDP which was around 4.5% then, has touched a mark of 7.5% on account of revolutionary steps,” he said. On GST Referring to GST, Goyal said it was passed unanimously for a radical change in the economy and the result was that the tax collection under GST has touched new high. He also said that not only on the financial front but the government has equally worked with efficiency on social security front. Jerome Baker Womens Jersey