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       BUSINESS Next Article: Rs 2,000 cr GST evasion unearthed in 2 months  
       Refined palmolein gains on rising demand
 
         Posted on :21:54:25 Jun 28, 2018
   
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       Last edited on:21:54:25 Jun 28, 2018
         Tags: Refined palmolein, gains on rising demand
 
New Delhi: India is looking at slashing oil imports from Iran? and replacing them with more purchases from Saudi Arabia and Kuwait after US re-imposed sanctions on the Persian Gulf nation, government and industry officials said today.
 
 
While a final view on US asking India and China to cut Iranian oil imports has not yet been taken, the petroleum ministry has asked refiners to tread cautiously and start looking at alternatives, they said.
 
Bringing down imports to zero, as desired by the US, may however not be feasible, officials said.
 
The ministry held discussions with oil refiners today and will follow them up with meetings with external affairs ministry next week.
 
"Clarity will emerge in one weeks time," an official said.
 
Replacing Iran, which is India's third largest oil supplier behind Iraq and Saudi Arabia, will not be a problem but margins will be hit as Tehran offers the best commercial terms, another official said.
 
High sulphur crude from the Middle-East particularly from Saudi Arabia and Kuwait can easily replace the quantities being bought from Iran, he said.
 
Other sources in Latin America and US are also some options, he added.
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       BUSINESS
Next Article: Rs 2,000 cr GST evasion unearthed in 2 months
 
 
BUSINESS HEADLINES
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Markets slip from record to end flat on profit-booking  
Markets slip from record to end flat on profit-booking  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
Retail inflation rises to 5 percent in June  
Retail inflation soars to 5% in June, IIP presides to 3.2% in May  
Indian Army signs MoU with SBI on salary package  
US dollar ends sharply lower against rupee  
Gold, silver recover on mild demand  
BSNL starts first internet telephony service in India  
Sensex nears all-time high; TCS shines on Q1 show  
Gold futures gain 0.06% on global cues  
 
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