India’s refiners are diversifying their oil supplies away from Iran towards partners in the Gulf and Latin America, as international sanctions aimed at curbing Tehran’s nuclear programme intensify.
Hindustan Petroleum Corporation, a state-owned refiner, said yesterday it would double imports of crude oil from Saudi Arabia.
Over the past two years, Reliance Industries, which operates the world’s biggest refinery, has turned to oil imports from Latin America in 2010, shunning an annual import deal with Iran as payment mechanisms hit difficulties.
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