• Monday, August 15, 2022

Business

India’s Chennai Petroleum Cancels Iranian Crude Oil Imports

India’s Chennai Petroleum Cancels Iranian Crude Oil Imports (Photo Credit: HAIDAR MOHAMMED ALI/AFP/Getty Images).

By: Radhakrishna N S

India’s Chennai Petroleum Corporation Limited won’t process Iranian crude oil from October 2018 to keep its insurance coverage once latest sanctions by the US against Iran come into effect, three sources familiar with the matter said. Iran’s Naftiran Intertrade Co Ltd, a trading arm for state-owned National Iranian Oil Co, owns a 15.4 per cent stake in Chennai Petroleum, which has two refineries with a total combined capacity of 230,000 barrels of oil per day (bpd). In May, US president Donald Trump pulled out of an international nuclear deal with Iran and announced new sanctions against the country, the third-largest…

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