5 August 2015 - 11:26
India to raise Iran oil import

TEHRAN, Aug. 05 (MNA) – Chairman of Indian Oil Corporation Ltd. Mr. B. Ashok has said oil companies are considering increasing the India's oil imports from Iran after sanctions are lifted.

Speaking to the reporters in India on Tuesday, Ashok said Iran's new developments and the nuclear agreement have provided a new horizon for the increase in imports of Iranian oil to India.

India is the world's fourth largest oil consumer and also the second biggest buyer of Iranian oil after China.

According to the statistics released by importing oil companies in India, the country's oil import reached 283000 barrels per day during April to August this year, facing 37.3 percent rise compared to the same period last year.

Iran was the second largest oil exporter to India in the fiscal year ending March 31, 2007, however, it fell to 7th in 2014-2015 fiscal year as a result of sanctions.

News Code 109030


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