India to stop importing oil from Iran; make up lost volumes from alternate sources

Agencies
April 23, 2019

New Delhi, Apr 23: India will stop importing crude oil from Iran following the US move to end sanction waivers, and will use alternate supply sources such as Saudi Arabia to make up for the lost volumes, top officials and industry sources said Tuesday.

The Trump administration on Monday decided not to renew waiver that let countries like India buy Iranian oil without facing US sanctions.

"Until the waivers are not restored back, I don't think India can buy oil from Iran. We will stop importing oil from Iran," a top official said.

New Delhi is likely to press with the US government for continuation of beyond its expiry on May 2 in talks scheduled later this month, he said. "But purchases cannot be made in anticipation. We will not be importing any oil from Iran."

India was the second biggest buyer of Iranian crude oil after China. It bought some 24 million tonnes of crude oil from Iran in the fiscal ended March 31 (2018-19). Iran supplied more than a tenth of its oil needs.

The shortfall will be made from alternate supply sources available in Saudi Arabia, Kuwait, UAE and Mexico.

Oil Minister Dharmendra Pradhan in a tweet said "a robust plan for an adequate supply of crude oil to Indian refineries" is in place.

"There will be additional supplies from other major oil-producing countries; Indian refineries are fully prepared to meet the national demand for petrol, diesel & other petroleum products," he said.

The oil ministry too in a statement said a plan was in place to ensure supplies of crude oil from May when the waiver ends.

Indian Oil Corp (IOC) Chairman Sanjiv Singh said refiners import crude oil from a wide range of sources and had been lining up alternate supplies for the past months.

The US was to take a decision on waiver extension this month and Indian refineries had prepared plans for all eventualities.

"We have alternate sources lined up to make up for any shortfall," he said.

US President Donald Trump last year withdrew from the 2015 nuclear deal between Iran and world powers, and revived a range of sanctions against the Persian Gulf nation. It, however, granted a six-month waiver from sanctions to eight countries - China, India, Japan, South Korea, Taiwan, Turkey, Italy, and Greece - but with a condition that they would reduce their purchases of Iranian oil.

The waiver began in November 2018 and was to expire on May 2.

India had agreed to restrict its monthly purchase to 1.25 million tonnes to get the waiver. But since it had made robust purchases in the period prior to November 2018, India's overall crude oil imports from Iran totalled nearly 24 million tonnes in 2018-19 as compared to 22.6 million tonnes bought in the 2017-18.

"We have optional volumes (over and above the term contracts) from a number of suppliers which we can exercise to make up for any shortfall from Iran," Singh said. "We can also go to the spot (or current) market to source crude."

"As far as Indian Oil is concerned, supplies will not be a problem. We have already lined up alternate sources," he said, adding the impact of the US decision may reflect on global oil prices which may temporarily go up.

IOC has the option to take 0.7 million tonnes of crude oil from Mexico on top of its committed purchase of 0.7 million tonnes during the year. From Saudi Arabia, it has an optional volume of 2 million tonnes on top of a term contract of 5.6 million tonnes.

Similarly, it has optional volumes of 1.5 million tonnes from Kuwait and another 1 million tonnes from the UAE.

"We have all the supplies tied up and I think globally crude will be readily available but it is difficult to say what the impact will be on price," he added.

The price of Brent crude, the global oil benchmark, gained 0.6 per cent to USD 74.46 a barrel, the highest in almost six months. It had risen by 3 per cent on Monday.

When Trump first pulled out of the nuclear deal, oil shot up to over USD 85 a barrel and it fell to near USD 50 after the US administration unexpectedly granted the waivers.

US sanctions on Iran's oil buyers snap back next month that will block the American financial system for importers.

India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports. Iran in 2017-18 was its third-largest supplier after Iraq and Saudi Arabia and meets about 10 per cent of total needs.

Trump in May withdrew from the 2015 nuclear accord with Iran, re-imposing economic sanctions against the Persian Gulf nation. Some sanctions took effect from August 6, while those affecting the oil and banking sectors were to start from November 5, 2018. A six-month waiver was granted that was to expire on May 2.

Iran was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11 but Western sanctions over its suspected nuclear programme relegated it to the seventh spot in the subsequent years. In 2013-14 and 2014-15, India bought 11 million tonnes and 10.95 million tonnes, respectively from it.

Sourcing from Iran increased to 12.7 million tonnes in 2015-16, giving it the sixth spot. In the following year, the Iranian supplies jumped to 27.2 million tonnes to catapult it to the third spot.

Iranian oil is a lucrative buy for refiners as the Persian Gulf nation provides 60 days of credit for purchases, terms not available from suppliers of substitute crudes -- Saudi Arabia, Kuwait, Iraq, Nigeria, and the US.

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News Network
June 22,2020

New Delhi, Jun 22: The Delhi Police Monday urged the Delhi High Court to grant them a day’s more time for seeking instructions on a plea by Jamia student Safoora Zargar, who was pregnant and arrested under the anti-terror law --UAPA--, seeking bail in a case related to communal violence in northeast Delhi during protests against the Citizenship Amendment Act in February.

Justice Rajiv Shakdher, who conducted the hearing through video conferencing, allowed the request after Zargar’s counsel said she has no objection to it and listed the matter for Tuesday.

Zargar, M Phil student of Jamia Millia Islamia University, is more than four months pregnant.

During the hearing, Solicitor General Tushar Mehta, representing the Delhi Police, sought a day’s time to take instructions on the issue and said it will be in “larger interest” if he is given indulgence.

Additional Solicitor General (ASG) Aman Lekhi also joined Mehta and said they are ready with the arguments on merits of the case but they do not intend to proceed on merits at this stage.

Advocate Nitya Ramakrishnan, appearing for Zargar, said the woman is in a delicate state and is in a fairly advanced stage pregnancy and if the police need time to respond to the plea, she be granted interim bail for the time being.

The high court asked Solicitor General (SG) Tushar Mehta to come back with instructions on Tuesday.

The police has also filed a status report in response to the bail plea.

Jamia Coordination Committee member Zargar, who was arrested by the Special Cell of Delhi Police on April 10, has challenged in the high court the June 4 order of the trial court denying her bail in the case.

The hearing in the high court also witnessed exchange of words between Mehta, Lekhi on one side and Delhi government standing counsel (criminal) Rahul Mehra who objected the appearance of the two senior law officers on behalf of Delhi Police in the case.

Mehra contended that unlike another North East Delhi violence matter in which requisite approval was sought by the Delhi Police to be represented by a team of lawyers led by the Solicitor General, no such procedure was followed in this case.

"They know that my view in such cases will be more humanitarian and not as per their whims and fancies. I am not supposed to be the mouth piece of the Delhi Police, I am an officer of the court," he said.

Lekhi shot back "a client chooses the lawyer and a lawyer cannot impose himself on the client.

He said this controversy would deviate the court from the issue in hand and Mehra's objection can be kept aside in this case.

The high court concluded the hearing, asking the counsel for Delhi Police to sort out their battles by tomorrow.

 The trial court, in its order, had said “when you choose to play with embers, you cannot blame the wind to have carried the spark a bit too far and spread the fire.”

It had said that during the course of investigation a larger conspiracy was discernible and if there was prima facie evidence of conspiracy, acts and statements made by any one of the conspirators, it is admissible against all.

The trial court had said that even if there was no direct act of violence attributable to the accused (Zargar), she cannot shy away from her liability under the provisions of the Unlawful Activities (Prevention) Act (UAPA).

However, the trial court had asked the concerned jail superintendent to provide adequate medical aid and the assistance to Zargar.

The police had earlier claimed that Zargar allegedly blocked a road near Jaffrabad metro station during the anti-CAA protests and instigated people that led to the riots in the area.

It further claimed that she was allegedly part of the “premediated conspiracy” to incite communal riots in northeast Delhi in February.

Communal clashes had broken out in northeast Delhi on February 24 after violence between citizenship law supporters and protesters spiralled out of control leaving at least 53 people dead and scores injured.

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News Network
January 1,2020

New Delhi, Jan 1: Union Minister Prakash Javadekar launched a scathing attack on the Aam Aadmi Party and the Congress for allegedly inciting violence in Delhi against the Citizenship (Amendment) Act. Mr Javadekar said the violence over the amended citizenship law that broke out in areas like Jamia Nagar, Seelampur and Jama Masjid "cannot be forgiven".

"In Jamia, the Congress' Asib Khan and AAP's Amanatullah Khan delivered inciting speeches. They spread disinformation. The law is to give citizenship to people and not take citizenship away," Mr Javadekar told reporters.

He said the people of India understand the plans of the Congress and the AAP and both parties should apologise.

"We will bring out the truth. The fight is between anarchists and those who oppose them. Our agenda would be wholesome development of Delhi. The AAP strangulated municipal corporations' attempt on development. Rs 900 crore was not given. Today, the people of Delhi are surprised that the AAP slept through all these 4.5 years and in the remaining six months they have launched schemes," Mr Javadekar said.

"The work is done by someone else and the credit is taken by a different individual," the Union Minister said, referring to allegations that the government led by Chief Minister Arvind Kejriwal took credit for work done by BJP-ruled municipal agencies.

"Who did fogging in dengue season? Our corporations organised an awareness drive against water accumulation and dengue cases went down. During corporation polls, Kejriwal said don't choose BJP as dengue will claim lives. Now he is also claiming credit for decrease in dengue cases because of the work done by these corporations," Mr Javadekar said.

"I am an environment minister. We worked on pollution control. There is no limit to their (AAP's) lies. About unauthorised colonies, the AAP says we have not regularised it. We made a law signed by the President, yet they spread lies," Mr Javadekar said.

The election in Delhi will be held before the end of February.

Comments

Angry Indian
 - 
Wednesday, 1 Jan 2020

Wash you face with cow urine !!!

sorry sorry with DOG URINE...

you will be enlightened...

 

get lost moron...from wher u came....rat hole or A@@ hole

Fairman
 - 
Wednesday, 1 Jan 2020

Don’t pollute Delhi. Leave them alone.

Every citizen including your own BJP minded people all are very happy with Kerjrival and Aam Admi Party.

 

Every citizen in Delhi are very very happy.

For God sake leave alone, don’t disturb them as spoiled in other parts of the country.

 

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News Network
May 30,2020

New Delhi, May 30: An Air India flight from Delhi to Moscow on Saturday had to return midway after the airline's ground team found out that one of the pilots had tested positive for novel coronavirus, officials said.

"When the A320 plane, which did not have any passengers as it was heading to Moscow to bring back stranded Indians under Vande Bharat Mission, had reached Uzbekistan's airspace, our team on ground realised that one of the pilots had tested COVID-positive," senior Air India officials said.

"The flight was immediately asked to return. It came back to Delhi at around 12.30 pm on Saturday," the officials said. The crew has been quarantined. Another plane would be sent to Moscow to bring back the stranded Indians, according to the officials.

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