Global Business in Iran Database

In-depth metrics and analysis of Iran's international economic partnerships.

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Reliance, Business Halt

description

Reliance Industries, India’s top privately run oil refiner, has decided not to renew a contract to import crude oil from Iran in FY 2010. The company did not purchase any Iranian oil in February and March of this year. While the nearly 100,000 barrels of oil that Reliance imported a day represents only 2.4% of total Iranian exports, it underscores a drift in Asia away from Iranian crude and towards Russian oil. This drift is not exclusively caused by American sanctions as cheaper and sweeter crude is coming from Russia, lessening the need for inferior Iranian crude.

 

Status

  • Current Status:
  • Discussion Date: Thu, 2010-04-01
  • Contract Date:
  • Completion Date:

Citation

1. Luke Pachymuthu, Nidhi Verma "Reliance not renewing Iran crude import deal: Sources", Reuters, 1 April 2010, available at http://in.reuters.com/article/businessNews/idINIndia-47366520100401

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