India's HMEL emerges top Iran oil buyer

[SpArK]

Lakshmi Mittal group emerges top Iran oil buyer
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Reuters reported that India's HMEL, part owned by steel tycoon Lakshmi Mittal has emerged as a new oil client of sanctions-hit Iran, potentially complicating New Delhi's bid for a renewal of its waiver from US sanctions for buying crude from Tehran.

Two sources with knowledge of the deals said that HPCL Mittal Energy has taken two shipments of Iranian oil since the start of September to maximize margins at its 180,000 barrels per day Bathinda refinery in northern India. The purchases came to a total 2 million barrels.


In June Washington granted India a waiver on sanctions that would have cut it off from the US financial system because it had reduced its purchases of the OPEC nation's oil. India's waiver from the sanctions which are designed to dissuade Tehran from pursuing its nuclear program will only be renewed in December if imports have been cut further.

Mr Mark Dubowitz US lobbyist for tougher sanctions on Iran and head of the Foundation for Defence of Democracies said that HMEL was taking a significant risk in buying this oil. The US government in December will be looking to see whether India has indeed significantly reduced its purchases of Iranian oil and the addition of one more customer especially with significant exposure to the US and Europe will raise eyebrows in Washington."

A spokesman for Mittal said that he could not confirm or deny the purchase but said that being a minority shareholder, Mittal himself would not be involved in such decisions. While India's state run refiners are adhering to the government's verbal order to cut imports from Iran by at least 15% their efforts could be undermined by private refiner Essar and now HMEL.

An official at a state run refiner said that "We are cutting imports from Iran at the cost of our bottom line and private refiners are increasing volumes at our cost. This may hit the plan to get the waiver renewed and shows discord between private and public companies. We are the only ones helping the country."

Essar sources however said that their Iranian crude purchases would average 85,000 barrels per day in financial 2012 to 2013 a decline of 15% from an originally contracted 100,000 barrels per day. From April to August Essar has bought an average 102,000 barrels per day.

Source - Reuters

Lakshmi Mittal group emerges top Iran oil buyer - 287964 - 201

 

[zimmick]

Where are some morons know who keep on farting because of Uncle Sam, we've stopped buying Oil from IRAN???? They come and Fart on PDF but before farting don't even think that they are killing there Muslim Brothers in Afghanistan for US $$$$. Pakistan is the Platform for US OF A and NATO and why they don't go and lecture there Leadership and Army Which is in Bed of US OF A ......: