Agencies
New Delhi
India imported 17.3 percent more crude oil from Iran last month than it did in August as its top refiner made its first buy from Tehran for a new plant, according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts.
Indian Oil Corp, India's biggest refiner, accounted for most of September's rise from the previous month, taking a very large crude carrier carrying two million barrels of oil for its recently commissioned 300,000 barrel-per-day (bpd) Paradip refinery on the nation's east coast, the data showed.
IOC's first purchase of Iranian crude in four months helped lift imports of the oil to 233,200 bpd in September compared with 198,800 bpd in August, the tanker arrival data showed. The September intake was down 3.4 percent from a year ago.
IOC is not a regular buyer of the crude as its term contract with the Islamic republic averages only about 25,000 bpd.
Still, the world's fourth-biggest oil consumer and Iran's top client after China, bought 19.3 percent less oil in January-September at about 216,200 bpd, the data showed.
India's imports from Iran in the first nine months of the year were dragged down by deep cuts in shipments by New Delhi in the first quarter of 2015, under pressure from the United States to keep its imports within the limits of sanctions targetting Tehran's disputed nuclear programme.
In the first half of India's fiscal year, running over the six months April-September, its oil imports from Iran jumped 16.7 percent as refiners stepped up purchases following the July deal that may mean the removal of sanctions sometime next year.
Three Indian refiners, Mangalore Refinery and Petrochemicals Ltd, Essar Oil and IOC together imported 260,600 bpd in the first six months of this fiscal year compared with 223,400 bpd a year ago, the data showed.
