India's Iran oil purchases to fade ahead of US sanctions

Agencies
September 14, 2018

Indian refiners will cut their monthly crude loadings from Iran for September and October by nearly half from earlier this year as New Delhi works to win waivers on the oil export sanctions Washington plans to reimpose on Tehran in November.

India's loadings from Iran for this month and next will drop to less than 12 million barrels each, after purchases over April-August had been boosted in anticipation of the reductions.

The United States is renewing sanctions on Iran after withdrawing from a nuclear deal forged in 2015 between Tehran and world powers. Washington reimposed some of the financial sanctions from August 6, while those affecting Iran's petroleum sector will come into force from November 4.

India, Iran's No.2 oil client behind top buyer China, does not recognise the reimposed US sanctions, but winning a waiver from the restrictions is a must for New Delhi to protect its wider exposure to the US financial system.

India's oil ministry in June told refiners to prepare for a "drastic reduction or zero" imports from Iran from November.

"Some refiners have either already exhausted or front-loaded their term contract to a large extent, which allows them the flexibility to go to zero if required, or until clarity on the waivers emerge," Amrita Sen, chief oil analyst at Energy Aspect, told Reuters.

Washington will consider waivers for Iranian oil buyers such as India but they must eventually halt crude imports from Tehran, US Secretary of State Mike Pompeo said last week in New Delhi after a meeting of high level officials.

The Indian government, already facing a backlash over a falling rupee and record high fuel prices, does not want to halt the oil imports from Iran as the Islamic republic offers a discount on oil sales to India.

Government sources said India made this point clear in last week's meetings with US officials and remains engaged with Washington to work out waivers on its oil purchases from Iran.

"We have a special relationship with both the US and with Iran, and we are seeing how to balance this all, and also to balance out the interest of the refiners and end-consumers," said one of the government officials.

But if Washington adopts a tough line, India would have no other choice than to end imports from Iran, they said.

Cutting imports nearly in half

India lifted about 658,000 barrel of oil per day (bpd) from Iran in April-August, according to data obtained from trade sources by Reuters, and the cuts projected for September and October would drop the daily average over those two months by about 45 percent to 360,000-370,000 bpd.

Indian oil refiners have already given the October loading plans to the National Iranian Oil Co (NIOC), sources familiar with the loading schedule said.

Top refiner Indian Oil Corp wants to lift 6 million barrels each in September and October, while Mangalore Refinery and Petrochemicals would load 3 million barrels each for those two months, the sources said.

IOC would also lift 1 million barrel for its subsidiary Chennai Petroleum Corp in October, they said.

Bharat Petroleum Corp would lift 1 million barrels in September and skip purchases in October, a company source said on Tuesday.

Bharat Petroleum has already drawn more than its fixed volumes - the amount it is obligated to purchase - that were contracted for 2018/19, its chairman said on Tuesday.

Nayara Energy, part owned by Russian oil giant Rosneft, plans to lift 1 million barrels each in September and October, the sources said. But the refiner began reducing its oil imports from Iran in June and aims to completely halt purchases from November.

Hindustan Petroleum, Reliance Industries and HPCL Mittal Energy (HMEL) have no plans to buy from Iran in September and October, they said.

India refiners - excluding Reliance and HMEL, which do not have term contracts with Iran - will together lift about 73 percent of their fixed contract volumes from Iran by end-October, the loading data showed.

IOC, Nayara and MRPL did not respond to Reuters' emails seeking comments.

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Agencies
May 19,2020

Washington DC, May 19: US President Donald Trump has threatened to permanently halt funding for the World Health Organisation (WHO) if it did not commit to improvements within 30 days, and to reconsider the membership of the United States in the global health body.

On Monday, Trump wrote a letter to WHO Director-General Tedros Ghebreyesus that read, "If WHO doesn't commit to major substantive improvements within the next 30 days, I will make my temporary freeze of US funding to WHO permanent and reconsider our membership in the organisation."

Trump had temporarily suspended US' contribution to the WHO last month, accusing it of promoting China's "disinformation" about the coronavirus outbreak, although WHO officials denied the accusation and Beijing said that it was transparent and open.

"The only way forward for the WHO is if it can actually demonstrate independence from China. My administration has already started discussions with you on how to reform the organisation. But action is needed quickly. 

We do not have time to waste," Trump said in the letter.

"I cannot allow American taxpayer dollars to continue to finance an organisation that, in its present state, is so clearly not serving America's interests," he added.

On Monday, the WHO said that an independent review of the global coronavirus response would begin at the earliest and it received backing from China, where the virus was first discovered.

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News Network
April 20,2020

Washington, Apr 20: The US wants to send a team of experts to China to investigate coronavirus, President Donald Trump has said, a day after he warned Beijing of "consequences" if it was knowingly responsible for the spread of COVID-19 which has killed more than 165,000 people globally, including over 41,000 in America.

Describing the coronavirus as a plague, Trump, during his White House news conference on Sunday, said that he is not happy with China where the pandemic emerged in December last year in the central Chinese city of Wuhan.

“We spoke to them (Chinese) a long time ago about going in. We want to go in. We want to see what's going on. And we weren't exactly invited, I can tell you that,” the President told reporters.

“I was very happy with the (trade) deal (with China), very happy with everything and then we found out about the plague and since we found out about that I'm not happy,” he said.

The US has launched an investigation into whether the deadly virus "escaped" from the Wuhan Institute of Virology.

He has repeatedly expressed disappointment over China's handling of the coronavirus disease, alleged non-transparency and initial non-cooperation from Beijing with Washington on dealing with the crisis.

“Based on an investigation, we are going to find out,” Trump told reporters.

A day earlier, he warned China that it should face consequences if it was "knowingly responsible" for the spread of the novel coronavirus, upping the ante on Beijing over its handling of the COVID-19 pandemic.

“If they (China) were knowingly responsible… then there should be consequences. You're talking about, you know, potentially lives like nobody's seen since 1917,” Trump said on Saturday.

The opposition Democratic Party said that Trump has falsely claimed he acted early by restricting travel from China when it was little too late and he continued to downplay the virus throughout February.

The number of COVID-19 deaths in the US crossed 41,000 and the total infections were more than 764,000 so far.

New York, the epicentre of the deadly COVID-19 in the US, has 2,42,000 cases and over 17,600 fatalities so far. It has registered a 50-percent decline in new cases over an eight-day period.

The novel virus, which emerged in China in December last year, has killed over 160,000 and infected more than 2.3 million people worldwide.

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Agencies
February 4,2020

The death toll in China's coronavirus rose sharply to 425 with 64 deaths on Monday alone while 3,235 new confirmed cases were reported, taking the number of those infected with the deadly disease to 20,438, Chinese health authorities said on Tuesday.

The 64 people who died on Monday were all from the Hubei province, the epicentre of the virus, China's National Health Commission said.

Also, 3,235 new confirmed cases of novel coronavirus infection were reported, a big increase in a day.

Another 5,072 new suspected cases were reported on Monday, said the commission, adding that 492 patients became seriously ill.

The commission said that 2,788 patients remained in severe condition and 23,214 people were suspected of being infected with the virus, a pointer that it is increasingly turning virulent.

The overall confirmed cases on the Chinese mainland had reached 20,438 by the end of Monday, the commission said, noting that a total of 425 people had died of the disease.

A total of 632 people had been discharged from hospital after recovery, state-run Xinhua news agency reported As the virus spreads from human to human, 221,015 close contacts had been traced, with 171,329 others still under medical observation.

By the end of Monday, 15 confirmed cases had been reported in Hong Kong, eight in the Macao and 10 in Taiwan.

The Philippines reported the first overseas death from the virus on Sunday while 148 cases have been reported from abroad.

India has reported three cases of the coronavirus. All the three patients from Kerala recently returned from the affected Wuhan city.

Currently, 647 Indians and seven Maldivians who have been evacuated from Wuhan and Hubei are in 14-day quarantine at a medical camp in Manesar, near Delhi.

As the virus continued to spread at an alarming rate, Chinese President Xi Jinping on Monday warned officials of punishment if they shirked responsibility in tackling the virus outbreak.

On Monday, China has opened a 1,000-bed hospital built in record nine days in Wuhan city and started trials for new drug to contain the virus and is set to open another 1,300 bed hospital next to it on Wednesday.

The ruling Communist Party of China on Monday held its political bureau meeting presided by President Xi to review the steps being taken on various fronts to halt the spread of the deadly virus.

The outcome of the epidemic prevention and control directly affects people's lives and health, the overall economic and social stability and the country's opening-up, Xi said.

"Those who disobey the unified command or shirk off responsibilities will be punished," Xi was quoted as saying by the state-run Xinhua news agency.

Xi said that the party and government leaders supervising them would also be held accountable in severe cases.

Chinese armament firms, including those building aircraft carrier and military aircraft, have postponed planned work in order to concentrate on controlling the risk of coronavirus, state-run Global Times reported.

Noted Chinese health expert Zhong Nanshan has said that based on the fresh evidence, the novel coronavirus, which is spreading rapidly in China and the world, may reach its peak in the next 10 to 14 days, contrary to earlier estimates of climaxing sooner.

This means that the cases would drastically increase in the next two weeks before slowing down.

Also, China has begun clinical trials to test a drug to treat the patients of the coronavirus which till now has no cure.

Currently, patients are being treated with a combination of antivirals and other measures, as scientists race to find a vaccine.

Some reports said drugs to treat HIV too was being tried to treat the patients.

The experimental antiviral drug, Remdesivir, to be tested in field trials is developed by US-based Gilead Sciences. It is aimed at treating infectious diseases such as Ebola and SARS, South China Morning Post reported.

It was given to the first US patient last week - a 35-year-old man whose condition appeared to improve within a day, it said.

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