Economy

India gets first Iranian oil parcel for emergency reserves

India has received the first parcel of Iranian oil to partly fill its strategic storage in southern India, Mangalore Refinery and Petrochemicals Ltd , which imported the very large crude carrier (VLCC), said on its website. MRPL shipped in 2 million barrels of Iranian oil in the VLCC Dino. India will fill half of the storage with 6 million barrels of Iranian oil while continuing talks with United Arab Emirates and Saudi Arabia for the remainder.

A second parcel to be procured by Bharat Petroleum Corp. is scheduled to arrive around October 25, two sources said.

India is building emergency storage in vast underground caverns at three locations in southern India to hold a total of 36.87 million barrels of crude, enough crude to cover almost two weeks of demand.


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