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Bloomberg
India will not share the limited supply of Iranian crude allowed under a US waiver from sanctions with private refiners, according to people with knowledge of the matter. That is a departure from the earlier practice of splitting exempted volumes.
The government has asked four state refiners led by Indian Oil to share the entire 9 million barrels of Iranian oil available every month under a 180-day waiver from US sanctions, the people said, asking not to be identified. Private refiner Essar Oil, now rechristened Nayara Energy after it was acquired by Rosneft PJSC and partners, was allowed to buy about half of the Iran volumes when a similar curbs were imposed in 2012.
Indian refiners — state-run or private — scramble for Iranian crude because it is less expensive and offers a longer credit cycle, apart from savings in freight cost.