India Acknowledges Iranian Oil Purchases, Dismisses Payment Woes

Article content(Bloomberg) — India is buying crude from Iran among other countries in order to navigate the current energy crisis, the country’s oil ministry said, denying payment hurdles were impeding those purchases.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe statement is a rare public recognition of energy ties that India largely abandoned as a result of US sanctions, but has begun to rekindle thanks to the current conflict and a subsequent Washington waiver allowing purchases of seaborne Iranian crude. The refining industry has been grappling with trading, shipping and banking arrangements, as Tehran remains under restrictive sanctions.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle content“Amid Middle East supply disruptions, Indian refiners have secured their crude oil requirements, including from Iran,” the ministry said in a statement on X. There was “no payment hurdle for Iranian crude imports, contrary to the rumours being circulated.”Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe ministry also denied reports that an Iranian crude vessel was diverted from Vadinar, India, to China because of payment troubles, adding vessel destinations are often indicative.Article contentIt confirmed, however, the arrival of Iranian liquefied petroleum gas, with an LPG vessel carrying around 44,000 tons currently discharging in Mangalore, according to the statement.Article contentIndia has been severely impacted by the month-long war in the Persian Gulf and particularly by the effective closure of the Strait of Hormuz. Until recently, the world’s third-largest oil importer relied on the Middle East for roughly half of its crude oil and the majority of its LPG, used for cooking.Article contentIndia became a major buyer of seaborne Russian crude after the invasion of Ukraine in 2022, but its refiners have typically stayed away from blacklisted oil from Venezuela or Iran, wary of getting tangled in US sanctions.Article contentSince the start of the conflict, India has negotiated with Iran to allow the safe passage of vessels previously stuck in the Persian Gulf.Article contentTrending U.S. targets Canada’s cloud-computing move as trade irritant Economy Posthaste: Look for the Canadian dollar to be an 'underperformer' once the war winds down, says CIBC News Why rate watchers shouldn't take the Bank of Canada at its word Mortgages Duty-free stores revenue slashed in half as Canadians boycott U.S. travel News Three Ships Appear to Exit Hormuz by New Oman Coast Route PMN Business Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. U.S. targets Canada’s cloud-computing move as trade irritant Economy Posthaste: Look for the Canadian dollar to be an 'underperformer' once the war winds down, says CIBC News Why rate watchers shouldn't take the Bank of Canada at its word Mortgages Duty-free stores revenue slashed in half as Canadians boycott U.S. travel News Three Ships Appear to Exit Hormuz by New Oman Coast Route PMN Business