Tag: Iran Oil

New Delhi: The government has exempted rupee payments made to Iran’s national oil company NIOC towards the purchase of crude oil from payment of any tax, according to a Gazette notification. The finance ministry in a December 28, 2018 Gazette notification said the National Iranian Oil Company (NIOC) will not have to pay any withholding […]

New York: The US announced on Monday it is ending the waiver given to India to buy Iranian oil and has threatened sanctions if it did not comply with the embargo. Announcing the end of the waivers, White House Press Secretary Sarah Huckabee Sanders said: “Trump has decided not to reissue Significant Reduction Exceptions (SREs) […]

Mumbai:India depends on Iran for nearly 10 per cent of its oil requirements, with the US sanction drying this source by May 2, the country’s macroeconomic situation may go for a tailspin if an alternative is not found immediately. India will have to increase its dependence on oil imports from OPEC nations such as Saudi […]