Market Chatter: Indian Oil Purchases LPG from Iran After Eight Years Amid Fuel Shortage

MT Newswires Live03-27

State-owned oil refiner Indian Oil Corporation (NSE:IOC, BOM:530965) is said to have bought liquefied petroleum gas from Iran after almost eight years, according to a Bloomberg report on Thursday, citing sources.

The move comes in as the country deals with the shortage of LPG, which is a key cooking fuel, due to the ongoing war in the Middle East.

The unnamed sources mentioned in the report said that Indian Oil will share the shipment with other public sector refiners like Bharat Petroleum Corp (NSE:BPCL, BOM:500547), and Hindustan Petroleum Corp (NSE:HINDPETRO, BOM:500104).

Indian Oil had last bought LPG from Iran in June 2018, after which India had stopped energy purchases from Iran in 2019 due to the sanctions imposed by Western countries.

According to the report, this is India's first purchase of energy from Iran since the US issued a temporary waiver earlier this month, allowing it to buy crude oil or petroleum products from Iran.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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