New Delhi: Mangalore Refinery and Petrochemicals Ltd (MRPL) has cut its annual oil import deal with Saudi Aramco by about 22% to 70,000 barrels per day (bpd), two company officials with knowledge of the matter said.

MRPL is instead looking to step up crude purchases from Iran, said the people, declining to be named as they were not authorised to speak to the media.

“They were rigid in their approach and were asking us to offer bank guarantees for oil purchases," said one of the people. Reuters