Global sanctions on Iran impact India's oil import

Feb 29, 2012 12:00 AM

Sanctions by the United States and the European Union (EU) on Iran have started hitting India's oil import from the country, which stands at about 12 % of its total crude oil import.
Citing insurance issues, the state-run Shipping Corporation of India (SCI) has declined to provide its tankers to Indian Oil Corporation (IOC) for lifting Iranian oil. IOC has now suggested India transport crude oil in tankers operated by the National Iranian Oil Corporation (NIOC).

SCI, the country's largest domestic tanker-owner, has a contract with the IOC under which it is bound to provide cargo space at the desired time and for a specified freight.
In January, IOC and SCI agreed to load an Iranian oil shipment between February 15 and 17. However, the SCI cancelled the loading as its insurance companies withdrew their cover in earlier in February.

IOC says other shippers too were reluctant to help because of the new ‘180-day rule’ imposed by the US.
Under this, a vessel is denied berth in a US port if it enters ports in Iran, North Korea or Syria in 180 days preceding its arrival in the US.

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