facebook
twitter
rss
account
search
search
 

Iran's role in Indian energy sector slips

Oct. 8, 2012 at 7:39 AM   |   Comments

NEW DELHI, Oct. 8 (UPI) -- Iranian dominance in the Indian oil sector is declining in favor of Middle East and Latin American suppliers, refinery information indicates.

Pressure on the Iranian energy sector pushed Iraq to the No. 2 spot behind Saudi Arabia in terms of oil exports to India, reports The Hindu newspaper.

European sanctions on the Iranian energy sector include action that targets insurance to tankers carrying crude oil from the Islamic republic.

An Indian shipping company in early August said it would offer state insurance to tankers carrying Iranian crude oil to continue deliveries, however.

Nevertheless, the newspaper reports that Iraq, Kuwait, Nigeria, United Arab Emirates and Venezuela passed Iran in terms of oil exports to India during the first four months of the year.

The report stated that India's Mangalore Refinery and Petrochemicals Ltd. saw imports from Iran decline nearly 25 percent while Essar Oil said it expects a decline of around 15 percent.

Iran, before sanctions went into force, delivered enough oil to India to meet around 12 percent of the country's energy demands each year.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Scotland was tricked, 'yes' backers say Scotland was tricked, 'yes' backers say
2
Greenpeace puts more pressure on LEGO Greenpeace puts more pressure on LEGO
3
Slovakia sees Russian gas volumes drop Slovakia sees Russian gas volumes drop
4
Ground broken on Azeri gas pipeline for Europe Ground broken on Azeri gas pipeline for Europe
5
Report: MENA unprepared for climate change Report: MENA unprepared for climate change
Trending News
Video
x
Feedback