UANI

"Indian refiner MRPL secured coverage from an Iranian insurer for a crude cargo that arrived last week, becoming the first Indian firm known to have taken such action as Western sanctions tighten, sources with knowledge of the matter said... Indian insurers denied coverage to Mangalore Refinery and Petrochemicals for fear the action could fall foul of a pending European oil embargo against Iran... But an Iranian insurer provided cover for MRPL's crude cargo of about 7 07,500 barrels that arrived at India's Mangalore Port last week, the sources said... '(MRPL) recently got a cargo insured by an Iranian firm and other cargoes can also be insured from Iran. The company will do that on a case-by-case basis,' said one of the sources... Another source said MRPL might continue to get Iranian insurance cover for oil imports from Tehran. 'As long as we can avail of Iranian cover we will continue to import cargoes on that basis,' the source said. MRPL is a major Indian buyer of Iranian oil and its insurance policy with New India Assurance Co Ltd for cargoes lapsed this month. State-run insurers were willing to extend cover for crude cargoes except those from Iran under MRPL's new policy, another source said, forcing the refiner to approach Iran. MRPL and other oil firms buy insurance to protect their crude cargo, while ship owners usually arrange cover for the ship and any liability from an oil spill or personal injury... MRPL is buying oil on a free-on-board (FOB) basis with insurance covered by the Iranian firm. MRPL has cut to 100,000 bpd its annual crude import deal with Iran for this fiscal year, about 30 percent lower than last year, the first source said, adding the actual off-take could be less. Some units at MRPL's 300,000 bpd refinery in southern India are shut for maintenance, leading to reduced purchases of Iranian oil in May and June, this source said, adding it bought 124,000 bpd from Iran in 2011/12 versus a deal of 142,000 bpd." (Reuters, "Indian refiner MRPL turns to Iran for oil insurance -sources," 5/21/2012)

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"Iran is poised to lose at least 192,000 barrels a day of crude-supply contracts, or about 9.5 percent of its global exports, as Asian buyers curb purchases amid western sanctions targeting the nation's oil trade. Mangalore Refinery & Petrochemicals Ltd. (MRPL) and Essar Oil Ltd., India's biggest buyers of Iranian crude, and China International United Petroleum & Chemical Co. have reduced or plan to cut purchases from the Islamic Republic by as much as 15 percent. China and India are Iran's largest customers. In Japan, the only Asian country to get an exemption from U.S. sanctions after it demonstrated reductions in purchases, Cosmo Oil Co. plans to cut imports by 25 percent, while JX Nippon Oil & Energy Corp. suspended talks with the Persian Gulf nation over a 10,000 barrel-a-day contract." (Bloomberg, "Iran May Lose 9.5% of Oil Contracts as Asian Buyers Cut Imports," 5/3/12)

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"India's top two importers of crude oil from Iran will reduce shipments from the Persian Gulf nation by at least 15% this financial year, the latest sign that New Delhi is playing ball with Washington's efforts to shut-down Iran oil trade despite public pronouncement from Indian officials that they will continue to buy from Tehran. The government has asked state-owned Mangalore Refinery & Petrochemicals Ltd. and Essar Oil Ltd., a private company, to cut their imports in the year through March 2013 due to demands from the U.S., said two people with direct knowledge of the matter. 'Definitely, there is a lot of pressure from the U.S.,' one of the people said. A spokesman for India's oil ministry did not immediately respond to a request for comment." (WSJ, "Under U.S Pressure, India to Cut Iran Imports," 5/2/12)

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"State-run Mangalore Refinery and Petrochemicals Ltd has raised further the size of its annual crude import deal with Saudi Arabia by nearly 17 percent, sources said, to make up for planned lower imports from Iran. The Indian refiner, which had almost doubled its Saudi deal from January to 42,000 barrels per day (bpd) will now get an average 49,000 bpd this year, said the sources. MRPL, Iran's biggest Indian oil client, plans to cut its imports from Iran to 80,000-100,000 bpd in 2012/13 (March-April) from 142,000 bpd the previous year, sources had earlier told Reuters." (Reuters, "India MRPL raises Saudi import deal to 49,000 bdp-sources," 4/17/12)

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"Historically, Iran's biggest Indian oil client was Mangalore Refinery and Petrochemicals Ltd (MRPL), which bought 110,000 in the first quarter, down from 162,0000 bpd in 2011, the data showed." (Reuters, "India replaces China as Iran's top oil client," 4/13/2012)

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"Another refiner, Mangalore Refinery and Petrochemicals Ltd (MRPL), has begun making contingencies, however, and has floated four tenders for supplies in the short-term from other sources.

MRPL is India's biggest buyer of Iranian crude, with more than half its supply coming from the Islamic republic." (AFP, "Indian oil giant optimistic over Iran supply," 1/6/11)

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"State-run Mangalore Refinery and Petrochemicals Ltd will reduce term crude imports from Iran by about 8.5 percent to 130,000 barrels per day (bpd) for the 2010/11 fiscal year that began on April 1, a senior company official said on Monday.  MRPL is India's top importer of Iranian crude and buys Iran Mix and Iran Heavy varieties." (Reuters, MRPL trims '10/11 crude import deal with Iran, 4/5/2010)