India Cuts Oil Import Plans From Iran By A Quarter Over Gas Field Row

India plans to order about a quarter less Iranian crude oil than it bought last year, people familiar with the matter said, as state refiners cut term purchase deals over a row between New Delhi and Tehran on development of a natural gas field. 

The drop in volumes follows India's threat to order state refiners - Hindustan Petroleum, Bharat Petroleum, Mangalore Refinery and Petrochemicals Ltd, and Indian Oil Corp - to reduce purchases from Iran if an Indian consortium is not awarded the rights to develop Iran's huge Farzad B natural gas field. The volume cuts would put India's imports of Iranian crude for this fiscal year at 370,000 barrels per day (bpd), according to the sources with knowledge of the planned deals.For More Commodity News Update Visit : www.paceresearchindia.com and Call : 8817774774