India has granted permits to its oil refiners to import Iranian crude after July 1 using Iranian oil tankers insured by Iranian companies, Reuters reported today. India has received waiver from U.S. sanctions to import 200,000 bpd from Iran. The upcoming EU sanctions, however, would prevent international insurance companies to insure shipments of crude oil from Iran. Today’s action by the Indian government, accepting Iranian companies to insure the shipments, allows Indian refiners to continue importing Iranian crude. India received waiver from U.S. sanctions after cutting its oil imports from Iran by 20 percent.
Source: Reuters, 25 June 2012