India, the second-largest buyer of oil from Iranian regime is set to halt all crude imports from Iran because insurers refuse to cover the risks for any refinery processing that oil, due to western sanctions, the head of refiner MRPL said on Friday, Times of India reported.
India is buying a quarter of oil exports by Iranian regime.
“If cover is not available then all Indian refiners will have to halt imports from Iran or else they will have to take a huge risk,” PP Upadhya, managing director of Mangalore Refinery and Petrochemicals Ltd, told Reuters in a telephone interview.
MRPL is India’s biggest buyer of Iran crude.
