Reliance Industries, operator of the world’s biggest refining complex, has purchased 5 million barrels of Iranian crude, days after the US temporarily removed sanctions on the oil, three sources familiar with the matter said on Tuesday.
The refiner bought the oil from the National Iranian Oil Co (NIOC), two of the sources said. One of them said the crude was priced at a premium of about $7 a barrel to ICE Brent futures. It was not immediately clear when the oil would be delivered.
Iranian oil, which in recent years has mainly been bought by Chinese independent refiners, is often rebranded as originating from another country.
Reliance did not respond to emails seeking comment. NIOC could not be reached for comment.
The Trump administration on Friday issued a 30-day sanctions waiver for the purchase of Iranian oil already at sea. The waiver applies to oil loaded on any vessel, including tankers under sanctions, on or before March 20 and discharged by April 19.
The deal marks India’s first purchase of Iranian oil since the world’s third-biggest oil importer and consumer halted imports from Iran in May 2019, months after Washington reimposed sanctions on Tehran.
India’s state-run refiners, however, are holding off purchases of US-approved Iranian oil and products as payment, shipping and insurance hurdles complicate potential transactions, according to people familiar with the matter, Bloomberg reported.
India’s refiners echo concerns in China, where state-owned China Petroleum & Chemical Corp, more commonly known as Sinopec, said on Monday that it would try to avoid Iranian shipments, in part because the Trump administration’s one-month waiver leaves too narrow a window for delivery.
By contrast, India has moved more swiftly to snap up Russian barrels, covered by earlier waivers, thanks to logistics and trade lines already in place. The country was a major buyer of Moscow’s crude until US pressure increased last year, forcing it to turn elsewhere.
Refining executives have argued that Iranian purchases would be more viable under a formal government framework, the people said, but New Delhi has provided no guidance, allowing refiners to do their own due diligence.





