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India's MRPL replaces Iran crude with UAE's Upper Zakum
- United Arab Emirates: Sunday, April 07 - 2013 at 03:50
India's Mangalore Refinery and Petrochemicals (MRPL) has bought crude oil from the UAE through a tender, as Iranian supplies are hit by European sanctions, Reuters has reported, citing two trading sources with knowledge of the deal. MRPL bought around 650,000 barrels of Upper Zakum grade for May 1-15 lifting from trader Itochu at a premium of 55-60 cents a barrel over Dubai on FOB basis, the sources said. The refiner aims to import 80,000 bpd of oil from Iran in the current fiscal year beginning April 1, provided sanctions against the country are eased or if the Indian government steps in to provide reinsurance.
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