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BPCL of India to buy Iranian oil in Feb. after 3-month gap: sources

“India recently exempted rupee payments to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, paving way for pending dues to be cleared” reports BPCL and Hindustan Petroleum Corp will lift 1 million barrels each of Iranian crude oil in February, the sources said.Under the agreement, New Delhi must restrict its Iranian oil purchases to 1.25 million tons, or 9 million barrels.Indian Oil Corp, the country’s top refiner, will lift 5 million barrels of Iranian oil in February, the same as this month.

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