Iranian Oil Arrives in India Just Ahead of US Waiver Expiry

Article content(Bloomberg) — Around 4 million barrels of Iranian oil have arrived in India, marking the first such imports in seven years as the South Asian nation races to secure volumes before a grace period granted by Washington expires at the weekend.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe Jaya, a very-large crude carrier fully laden with Iranian crude, is discharging its cargo at Paradip on India’s east coast this week, according to people familiar with the matter and ship-tracking data from intelligence firms Kpler and Vortexa. The people asked not to be named as they are not authorized to speak to the media.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 contentThe Felicity is doing the same at Sikka, on the west coast. The two US-sanctioned tankers are expected to depart India by Friday, according to port reports reviewed by Bloomberg News.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 contentIndian Oil Corp. runs operations that use Paradip for crude deliveries.

Reliance Industries Ltd. uses Sikka, as does Bharat Petroleum Corp., which runs a single-point mooring facility in the area. IOC, BPCL and Reliance did not immediately respond to requests for comment.Article contentImport-dependent, price-sensitive India has been acutely impacted by the upheaval in global energy flows since US and Israeli strikes on Iran began at the end of February. To cope, it has sought to take advantage of US waivers that allowed purchases of previously restricted Russian and Iranian crude, as Washington sought to cool oil prices. The first has expired, and the second will do so within days, absent a last-minute renewal.Article contentAs a major buyer of seaborne Russian oil until last year, India rapidly cranked up those purchases, but refiners have found it tougher to secure and pay for Iranian cargoes, given other financial sanctions that remain in place. India said earlier this month that it would take crude from Iran, among other suppliers, as it navigates the current crunch.Article contentDeliveries from the Jaya and the Felicity — both US blacklisted for their involvement in the Iran trade — indicate a workaround was found.Article contentAnother Iran-owned tanker, Derya, is currently sitting off India’s west coast, fully laden with crude. The vessel had loaded from Iran’s main oil-export terminal Kharg Island in late March, but may have missed the US waiver cutoff. It is currently broadcasting that it is awaiting for orders, a signal that indicates it has no clear port of call.Article content—With assistance from Rajesh Kumar Singh.Article contentTrending Forcing people to pay a moral tax if they leave the country won't inspire them to stay Personal Finance Posthaste: Canadian dollar is being dumped from FX reserves at a record pace. What's going on? News Canada needs to invest $1.8 trillion over the next decade in six key sectors, says RBC News What is Anthropic's Mythos AI model and why does it have the financial world in a panic? Innovation China shock 2.0: the flood of high-tech goods that will change the world Financial Times 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. Forcing people to pay a moral tax if they leave the country won't inspire them to stay Personal Finance Posthaste: Canadian dollar is being dumped from FX reserves at a record pace. What's going on? News Canada needs to invest $1.8 trillion over the next decade in six key sectors, says RBC News What is Anthropic's Mythos AI model and why does it have the financial world in a panic? Innovation China shock 2.0: the flood of high-tech goods that will change the world Financial Times