Shipping Corporation of India's oil tanker, MT Desh Shanti, which was detained in Iran for 26 days, arrived at Visakhapatnam port in the early hours on Wednesday, sources said.
India's exports to Iran have been falling over the last one year, amid decline in rupee reserves of the West Asian economy. Going ahead, the possibility of augmenting exports to Iran may not be easy for India, considering the geopolitical tensions - Russia-Ukraine and Israel-Hamas conflicts - and the West Asian country's support for Russia and Hamas, people aware of the matter said. Exports to Iran saw a downward spiral since November last year.
As China's Foreign Minister Sun Weidong visited Pakistan on a mediation mission, a statement from Foreign Ministry on Monday said it is maintaining close contacts with Pakistan and Iran to 'bridge their differences'.
Iran and Pakistan have signed a deal in Turkey paving the way for constructing the much- delayed natural gas pipeline that was originally envisaged to extend up to India.
ONGC Videsh Ltd, the overseas arm of India's largest oil producer, Oil and Natural Gas Corporation, is holding talks with the Iranian government for exploring an oil block in the northern part of the country. Chinese company Sinopec is also believed to be in the race for the block. This could not be independently confirmed. The block is near the Caspian Sea.
India is keen to partner the proposed multi-billion Iran-Pakistan-India (IPI) gas pipeline project and has promised to resist "all external pressures on the issue", Iranian oil minister Gholam Hossein Nozari said.India's petroleum minister Murli Deora is set to arrive in Pakistan on April 21 to hold talks on transit fee to be paid to Islamabad on the $7 billion IPI project.
An obscure Indian bank has been an unlikely beneficiary of Western sanctions against Iran, handling billions of dollars from frozen oil payments that boosted its interest margins, but is now having to prepare itself for life after the windfall.
The new Samvat 2080 is viewed as a year of hope for industrial and precious metals. A key reason is the expectation of US interest rates peaking, followed by a reduction in the coming months. Regarding crude oil, its trajectory depends more on how the situation unfolds in West Asia.
Iran on Tuesday indicated that it may be willing to change the delivery point of gas it wants to sell to India through a pipeline passing through Pakistan, but wanted New Delhi and Islamabad to decide quickly on the $7.4 billion project.
President Trump, in a move that could have implications on India's energy security, on Monday decided not to grant sanctions exemptions to any oil customers of Iran, further squeezing Tehran's top export commodity.
Oil imports are a third of India's total import bill.
Iran said it will not set any deadline for India to join the gas pipeline that also includes Pakistan and hoped New Delhi will not buckle under US pressure to dump the multi-billion dollar project for a rival pipeline from Turkmenistan. "We have not set any deadline (for India to join the IPI pipeline project)," Iranian Oil Minister Gholamhossein Nozari said on Thursday.
Iran is India's largest importer of tea in value terms while in terms of volume, it is the second largest after Russia
ONGC Videsh Ltd and its partners Indian Oil Corporation and Oil India Ltd had in 2009 dropped plans to develop the Binaloud oil find in the Farsi offshore block as it found one billion barrels of reserves commercially unviable.
"We have been importing 3 million barrels of crude oil per month from Iran. There is no change in that status... there has been no disruption in supplies... We continue to import same volumes (this month)," Essar Oil Managing Director and CEO Naresh Nayyar said.
With Iran reaching an agreement on its nuclear programme, India is expected to be one of the major gainers.
Faced with soaring demand, stagnant output at home and a need to diversify from Iranian crude imports lost to Western sanctions, Indian oil companies are hungry for deals like Oil and Natural Gas Corporation's ( ONGC's) Kashagan buy that promise supplies sooner rather than later.
The broader NSE Nifty, after cracking the 10,600-mark, ended 82.30 points, or 0.77 per cent, lower at 10,589.10.
Moody's said it expects exposure to low oil prices to shave off 0.8 per cent from real GDP growth on average across oil exporting countries in 2016.
Skittish investors snapped up gold and other safe-haven assets amid fears of a global economic slowdown
The partial withdrawal would mean that Iran would stop exporting enriched uranium stocks as stipulated by the 2015 agreement.
Iran and Saudi Arabia have agreed to re-establish diplomatic relations and reopen embassies after talks in Beijing between officials from the two rival Middle East powers, Iranian state media reported on Friday.
An oil shock, reminiscent of 1979 crisis, nearly derailed Asia's third fastest growing economy as policy-makers spent more time fire-fighting controversies resulting from the absence of a coherent energy plan than taking decisive steps.
Krishna emphasised that India takes decision taking into consideration its domestic energy requirements.
US, EU have shut down the use of their financial systems for Iranian crude trade.
Welspun-Gujarat sewed up gains in early trades after the company announced pipeline orders to the extent of US$ 102 million from Iranian oil projects.
The government has re-invited initial bids for divesting its 33.5 per cent stake in Madras Fertilisers Ltd to a strategic partner along with management control.\n\n\n\n
In a statement issued on Saturday, Austin said that the US and the UK also received support from Australia, Bahrain, Canada, Denmark, the Netherlands and New Zealand in conducting the additional strikes.
The US has extended waivers that exempt nine countries, including India and China, from fully complying with American sanctions targeting Iran's oil exports, citing their significant reduction in oil import from Tehran.
China Thursday offered to play a 'constructive role' to ease tension between Pakistan and Iran following their missile strikes against each other over the last two days and asked the two countries to 'exercise restraint and calmness and avoid escalation'.
Or Iran may face the risk of losing its biggest client
OVL, IOC and OIL explored for oil and gas in Farsi block.
The waivers mean that financial institutions in the countries do not risk being cut off from the US financial system.
Further deterioration of the US-Saudi relationship will have geo-economic and geopolitical effects, says Nitin Pai.
Iran will open what is being touted as the Middle East's largest oil refinery, Shazand, in the central Iranian city of Arak in the next few days.
Afraid of US sanctions, State Bank declines payment facilitation for oil imports from Iran.
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