The company believes Iranian oil is the best oil to source at present given the freight, insurance and delivery benefits they provide, India’s Financial Express Daily reported.
Despite US unilateral sanctions imposed on Iran, BPLC had ordered more one million barrels of oil from the Islamic Republic of Iran.
“It gives us a benefit of 60-70 cents per barrel. For any competitor they will have to first match them before they can make any inroads,” Ramachandran said.
Presently, India is the largest customer for Iranian crude oil after China and is of the countries that did not cut its relationship with the Islamic Republic of Iran in the US previous sanctions imposed on Iran.
MA/PR