MRPL likely to recommence oil imports from Iran: Media Reports

Posted By: Religare
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State-run Oil and Natural Gas Corporation's subsidiary, Mangalore Refinery and Petrochemicals Ltd. (MRPL) had stopped oil imports from Iran since April this year after local insurance companies expressed their inability to cover plants processing crude from Iran.

However, the refinery is now likely to restart Iranian crude imports on receiving local reinsurance for claims up to USD 84.14 million, said the media reports.

While lawmakers in the US are planning to impose further sanctions to decline oil exports from Iran, India has recently secured a 180-day waiver from the US. This waiver was awarded to the country after it significantly reduced oil imports from Iran in the last financial year, the report added.

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