Rupee’s plunge prompts Mangalore Refinery to embrace Iran

New Delhi: India is increasing imports of crude oil from Iran as policymakers risk flouting US trade sanctions in their scramble to halt the slump in the rupee., India’s biggest buyer of Iranian crude, plans to buy five cargoes of 85,000 tonnes each this month, compared with three in August, Managing Director P.P. Upadhya said in an interview. Shipments from the world’s only producer that accepts rupee payments for oil are estimated to rise to 4 million tonnes in the year ending 31 March, versus 3.9 million tonnes in the previous 12 months. India is among a few countries eligible for a waiver of a US law that imposes financial sanctions unless they can show they have significantly reduced purchases from the Persian Gulf country. Prime Minister Manmohan Singh is seeking options to revive the $1.8 trillion economy, which relies on imports to meet 80% of its energy needs, as he struggles to stem capital outflows that have 

 

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