Economics
Rupee’s Plunge Prompts Refiner to Embrace Iran: Corporate India
This article is for subscribers only.
India is increasing imports of crude oil from Iran as policy makers risk flouting U.S. trade sanctions in their scramble to halt the slump in the rupee.
Mangalore Refinery & Petrochemicals Ltd., India’s biggest buyer of Iranian crude, plans to buy five cargoes of 85,000 metric tons each this month, compared with three in August, Managing Director P.P. Upadhya said in an interview. Shipments from the world’s only producer that accepts rupee payments for oil are estimated to rise to 4 million tons in the year ending March 31, versus 3.9 million tons in the previous 12 months.