Reuters said that Indian Oil would buy six million barrels of oil and Mangalore Refinery and Petrochemicals three million barrels.
With US sanctions on Iran looming, Moody's Investors Service had estimated a $500 million decline in earnings for Indian state-owned refiners, IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) on account of substituting crude oil imports from the Persian Gulf country.
Increasing tensions between the United States and Venezuela; the USA demanding an end to all imports of Iranian oil by early November; and the rupee's performance as Asia's worst performing currency of the year have compounded the situation and put India in a hard spot.
India is Iran's second-largest single oil customer after China and was expected to cut back on Iranian oil purchases following USA sanctions.
White House National Security Advisor John Bolton said only last week that the administration wanted to avoid all waivers and see Iranian oil and gas exports entirely staunched, but that it might not be able to achieve that aim.
India is going to continue buying Iranian oil in November despite the US sanctions, Reutersreported citing sources close to the Indian oil industry.
Pradhan reportedly said Monday that India does not know if it would get a waiver from the U.S.
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