NEW DELHI, Jan 7 (Reuters) – State-run Bharat Petroleum Corp will import 1 million barrels of Iranian oil in February after a gap of three months, with the nation’s overall purchases from Tehran remaining at 9 million barrels, three industry sources said.
The United States in early November granted India a six-month waiver from sanctions on Iran’s oil exports.
Under the agreement, New Delhi must restrict its Iranian oil purchases to 1.25 million tonnes, or 9 million barrels.
BPCL and Hindustan Petroleum Corp will lift 1 million barrels each of Iranian crude oil in February, the sources said. HPCL this month resumed purchases of Iranian oil after a gap of six months. The company halted Iranian oil purchases in July after its insurance company refused to provide cover for the crude because of U.S. sanctions, although its chairman said HPCL may resume buying Iranian oil under sanctions waivers.