(ET)
Indian state refiners plan to almost double oil imports from Iran in 2018/19, drawn by incentives offered by Tehran, sources with knowledge of the matter said, potentially helping Iran increase its share in the world’s third-biggest oil importer.
Iran is pushing to retain its oil customers in Asia, offering better terms than other Middle Eastern suppliers including Saudi Arabia, even as the threat looms of potential further U.S. sanctions on the OPEC member.
Tehran recently deepened freight discount to firms in India, its second-biggest oil client after China, in return for higher volumes.
In the current fiscal year to March 2019, state refiners Indian Oil Corp, Mangalore Refinery and Petrochemicals Ltd, Bharat Petroleum and Hindustan Petroleum plan to import 396,000 barrels per day (bpd) Iranian oil, according to two sources familiar with the plans who spoke on condition of anonymity.
