India's Shipping Ministry Approves Berthing of Four Iranian Oil Tankers for Reliance Industries
Shipping ministry permits four Iranian oil tankers to berth for Reliance
Business Standard
Image: Business Standard
India's shipping ministry has granted special permission for four Iranian oil tankers to berth at Sikka port, following a request from Reliance Industries. This decision comes after a U.S. waiver on sanctions aimed at easing oil prices, despite India not importing Iranian oil since May 2019 due to U.S. pressure.
- 01Four Iranian oil tankers have received special permission to berth at Sikka port in India.
- 02This is the first import of Iranian oil since May 2019, following U.S. sanctions.
- 03The U.S. temporarily waived sanctions on Iranian oil purchases to stabilize global oil prices.
- 04Reliance Industries requested the exemption due to the emergency situation in the Strait of Hormuz.
- 05All four tankers are over 20 years old and are subject to special regulations for berthing.
Advertisement
In-Article Ad
India's shipping ministry has permitted four Iranian oil tankers to dock at Sikka port, a significant development as the country has not imported Iranian crude since May 2019 due to U.S. sanctions. The decision follows a temporary waiver from the U.S. on sanctions related to Iranian oil purchases, aimed at stabilizing global oil prices. The vessels, including the Comoros-flagged aframax Kaviz and the Curacao-flagged very large crude carrier (VLCC) Lenore, along with two Iran-flagged VLCCs, Felicity and Hedy, are all over 20 years old and typically require special permissions under Indian maritime regulations. Reliance Industries, which operates the world's largest refining complex, requested the exemption due to an emergency situation created by the closure of the Strait of Hormuz. Despite the granted permission, it remains uncertain whether Reliance will process the Iranian oil to ensure compliance with sanctions and Indian regulations. Notably, Indian Oil Corporation has previously purchased Iranian oil using a sanctioned tanker.
Advertisement
In-Article Ad
This decision could influence India's oil supply and pricing, potentially easing domestic fuel costs for consumers.
Advertisement
In-Article Ad
Reader Poll
Do you support India's decision to resume imports of Iranian oil?
Connecting to poll...
More about Reliance Industries
Read the original article
Visit the source for the complete story.
