Back to News

India to Buy Oil from Iran Despite US Sanctions

October 29, 2018

India to Buy Oil from Iran Despite US Sanctions

Although the US is strongly discouraging India to import oil from sanctions-hit Iran, the centre has decided to purchase oil from the nation along with Russian and Venezuela nonetheless. This is mainly to create a rupee-based trading system with these countries and minimize exposure to the US dollar. 

Petroleum and Natural Gas Minister Dharmendra Pradhan said that two major oil refineries in India have already placed orders for crude oil with Iran for November. 

Indian Oil Corporation chairman Sanjiv Singh said India is looking to pay for Iranian oil in Indian rupees. 

Photo credit: Jay Phagan on Visual hunt / CC BY

Important Links:

Consult a Career Advisor

Fill up the form to get in touch with us.

Recent Posts
Subsidies to Indian Farmers Much Lower in Contrast to Western Countries, Says Commerce Secretary
March 29, 2019
Transaction Monitoring Market to Grow 200% by 2023, Says Report
March 29, 2019
90% CAGR Growth Expected in Blockchain IoT Market, Could Reach 3,000 mn USD in 5 Years
March 29, 2019

Recommended for you ...

Subsidies to Indian Farmers Much Lower in Contrast to Western Countries, Says Commerce Secretary
Subsidies to Indian Farmers Much Lower in Contrast to Western Countries, Says Commerce Secretary

March 29, 2019

Transaction Monitoring Market to Grow 200% by 2023, Says Report
Transaction Monitoring Market to Grow 200% by 2023, Says Report

March 29, 2019

90% CAGR Growth Expected in Blockchain IoT Market, Could Reach 3,000 mn USD in 5 Years
90% CAGR Growth Expected in Blockchain IoT Market, Could Reach 3,000 mn USD in 5 Years

March 29, 2019

Chat on WhatsApp