Mangalore Refinery Resumes Iran Oil Buying as Insurance Sought
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Mangalore Refinery & Petrochemicals Ltd. purchased its first cargo of Iranian crude since April as India prepared a 20 billion-rupee ($314 million) insurance fund to cover future imports.
The refiner, India’s biggest buyer of Iranian crude, received about 85,000 metric tons on Aug. 17, Managing Director P.P. Upadhya said in a phone interview today from Mangalore. The company has ordered three more shipments of a similar size, he said, without stating delivery schedules.