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Tuesday, February 28, 2012

India charters new tanker to ship more Iranian crude

Tuesday, 28 Feb 2012

Press TV reported that India’s largest refiner has chartered a tanker to enable the South Asian country to import more crude oil from the Islamic Republic.

The Indian Oil Company has booked the Mykonos Warrior, currently sailing in the Indian Ocean to ship more than 130,000 tonnes of Iranian crude to Mundra on India’s west coast in March. The Liberia flagged vessel is reportedly expected to arrive in Iran’s Kharg Island on March 9th 2012.

India purchases around USD 12 billion worth of Iranian crude every year about 12% of its total consumption. In January, Iranian crude exports to India rose to 550,000 barrels a day up 37.5% from December 2011.

New Delhi’s growing interest in expanding its trade ties with Tehran comes as the Western powers recently adopted fresh sanctions against Iran's oil and financial sectors and have ever since sought to pressure other countries to follow suit.

On December 31st 2011, The United States imposed new sanctions against the Islamic Republic aimed at preventing other countries from importing Iran’s oil and doing transactions with its Central Bank.

European Union foreign ministers also approved sanctions against Iran’s oil and financial sectors on January 23rd 2012 including a ban on Iranian oil imports, a freeze on the assets of the country’s Central Bank within EU states and a ban on selling diamonds, gold and other precious metals to Tehran.

Many observers believe that India will press on with its plan to increase trade ties with the Islamic Republic despite the fresh Western sanctions.

(Sourced from Press TV)

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