New Delhi: Mangalore Refinery and Petrochemicals Ltd plans to cut its crude purchases from sanctions-hit Iran to 100,000 barrels per day (bpd) in the current fiscal year, its managing director said on Wednesday.
That would be a reduction of about 19% from its imports in 2010-11 of 6.2 million tonnes or 124,000 bpd.
“We are anticipating problem in supplies from Iran from July,” U.K. Basu added in comments to reporters.
Iran’s major Asian clients -- India, China, Japan and South Korea -- are all reducing volumes of imports as tighter Western sanctions aimed at curbing Tehran’s nuclear programme loom.
MRPL earlier this month had to get a crude oil cargo insured by Iran Insurance Company as Indian insurers denied coverage for fear the action could fall foul of a pending European oil embargo against Iran.
Basu also said a team of MRPL officials will shortly visit Iran to sign its annual oil import deal.