Reliance Industries Ltd. has applied to the Indian government for permission to import Iranian crude oil using four vessels, as a crucial US sanctions waiver approaches its 19 April expiry.
The Business Standard reported that the development was shared by a person familiar with the matter who declined to be identified given the sensitive nature of the discussions.
The company, which operates the world’s largest single-site refinery, wants to ensure that any potential purchases comply with American restrictions on Tehran and remain within the boundaries of Indian law.
Indian refiners had ramped up Russian oil imports after the Trump administration issued waivers that are due to expire this month.
This surge was visible in import data, with roughly 1.9 million barrels per day of Russian crude reaching India in March, compared to about 1.1 million in February, based on vessel tracking data compiled by Bloomberg.
Iranian oil, however, has found few takers among Indian buyers due to concerns around suppliers, intermediaries, and payment channels linked to sanctions.
India last imported crude from Iran in 2019. Earlier this month, though, the oil ministry posted on X that India is purchasing oil and liquefied petroleum gas from Iran.
Disruptions in the Strait of Hormuz have further tightened supply, compelling Indian refiners, including Reliance, to explore alternative sourcing options.
Reliance has previously navigated sanctions-related complexities with other producers and holds a US general license to import Venezuelan crude.
The company accounted for nearly a third of India’s total imports of 1.7 million barrels per day from Russia last year, though those volumes have dropped sharply following EU restrictions on fuels derived from Russian crude.
India’s shipping ministry has granted special clearance to four tankers to handle potential cargoes, Reuters reported on Friday (10 April). All four vessels are under US sanctions, according to Bloomberg data.
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