Oil imports from Iran down 35% from 2008-09

India aims to cut Iranian oil imports by around 15% every year from the current level of 15 million tonne, which itself is down 35% from the level in 2008-09.

The country's largest buyer of Iran crude oil, Mangalore Refinery and Petrochemicals (MRPL), has reduced imports from the country to 5 million tonne this fiscal from 6.2 million tonne in 2011-12.

MRPL bought around 7.1 million tonne of crude oil during the year 2010-11. Essar Oil, the second largest buyer of Iranian crude, has reduced imports by 15% from 5 million tonne last year and entered into contracts with South American countries like Columbia and Mexico to buy crude.

India has also sought an additional 5 million tonne of crude oil and 1.5 million tonne of liquefied petroleum gas (LPG) from Saudi Arabia to reduce dependency on Iran.

“Imports from Iran could be 14.5-15 million metric tonne in the current financial year ending March 31, slightly lower than an earlier target of 15.5 million tonne,” said oil secretary GC Chaturvedi. India imported 17.4 million tonne of crude from Iran in the preceding financial year.

Since July 2011, India has been using euros to clear most of its purchases of Iranian oil through Ankara-based Turkiye Halk Bankasi. As much as 55% of the $10-billion oil imports from Iran

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