"Iran's biggest oil buyer in India is ready to throttle back imports from the Persian Gulf nation once a new supply deal kicks in. Essar Oil Ltd. expects to lower purchases from Iran after shipments from OAO Rosneft begin once the Russian state producer completes a deal to buy a stake in the Indian company, according to Lalit Kumar Gupta, Essar Oil's chief executive officer. The refiner doesn't plan to import any crude under the agreement this year and it's undecided which country or project Rosneft will source the crude from, he said... India is Iran's biggest oil buyer after China, according to the shipping data... Rising supply under the Rosneft deal complicates Iran's efforts to hold on to its expanded market share in Asia, particularly in India, where the International Energy Agency expects demand growth in the decades ahead to outstrip all other nations. Iranian shipments to India surged 63 percent in the first half of the year after international sanctions that restricted its supplies were eased in January." (Bloomberg, "Iran Set to Lose Oil Market Share in India as Rosneft Elbows In," 8/9/2016).

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"India's July oil imports from Iran rose by over a fifth from June, surging to its highest level in five months as two state- run refiners resumed shipments from Tehran after a gap of years, preliminary tanker arrival data obtained by Reuters show. Hindustan Petroleum Corp and Bharat Petroleum, India's second- and third-biggest state-owned refiners respectively, halted Iranian oil imports after western sanctions against Tehran's nuclear programme barred insurance cover for plants processing Iranian oil... India's oil imports from Iran for the fiscal year that began in April are set to surge to a seven-year high, with the nation's state-owned and private refiners together buying at least 400,000 bpd... Indian Oil Corp, the country's biggest refiner, was the top buyer of Iranian oil in July, shipping in about 158,000 bpd oil, while Essar Oil slipped to the No. 2 position with 126,300 bpd, the data showed." (Reuters, "India's July Iranian crude imports surge 21 pct to five-month high -trade," 8/3/2016)

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"India has sought a discovered oilfield from Iran for raising crude oil imports from the Persian Gulf nation as part of efforts to widen economic and energy ties post lifting of sanctions. Sources said India has also expressed interest in investing in chemicals, petrochemicals and fertilizer plants if Iran provided natural gas at low prices. While Mangalore Refinery and Petrochemicals Ltd (MRPL) and Essar Oil Ltd - the biggest Indian buyers of Iranian oil - are likely to maintain buying at around 5 million tonnes each, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) may begin importing oil from the Persian Gulf nation."(Press Trust of India, “India seeks rights to operate Iran oil field,” 5/24/2016)

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"Another private refiner, Essar Oil, was the biggest buyer of Iranian oil in April, shipping in about 181,300 bpd, followed by Mangalore Refinery and Petrochemicals Ltd with about 110,200 bpd, and Indian Oil Corp with 101,400 bpd, the shipping and terminal data showed. In the first four month of 2016 India's Iran oil imports more than doubled to 322,500 bpd, the data showed, in comparison with 160,500 bpd in the same period last year." (Reuters, “India's April Iran oil imports up 49 pct from a year ago -tanker data,” 5/2/2016)

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"Iran has started negotiations to buy shares in oil refineries in Europe, Latin America and Asia, the deputy oil minister was quoted as saying by Mehr news agency on Tuesday. 'Buying the oil refineries or their shares abroad is the policy of Iran after the lifting of sanctions,' said Abbas Kazemi, head of the National Iranian Oil Refining and Distribution Company... Kazemi said that Tehran was in talks to buy a stake in India's Essar Oil, although India's second-largest private refiner denied this. 'Essar has signed a non-binding term sheet with (Russian refiner) Rosneft for exclusive negotiations in relation to sale of Essar Oil shares and there is no other discussion in this regard,' an Essar spokesman said." (Reuters, "Iran in talks to invest in refineries abroad post-sanctions - Mehr," 11/17/15)

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"Indian media say the country's major oil companies have paid the first installment of outstanding oil dues to Iran. The payment of the installment at a total value of $700 million was made by Essar Oil, Mangalore Refinery and Petrochemicals (MRPL) and other Indian refiners on Wednesday. Essar Oil paid $335 million while MRPL paid about $300 million. The remainder of the payments was made by HPCL-Mittal Energy (HMEL) and Hindustan Petroleum Corp (HPCL)... According to what Iran and the P5+1 agreed in July, the US Treasury's Office of Foreign Assets Control (OFAC) would approve the banking mechanism for payment of $1.4 billion by Indian refiners in two equal installments to Tehran. The Indian media say the refiners had deposited the rupee equivalent of $700 million in Kolkata-based UCO Bank which transmitted the money to the Reserve Bank of India (RBI). The RBI will accordingly make arrangements for its onward remittance to Iran." (Press TV, "India pays first batch of Iran oil dues," 10/1/15)

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"Private-refiner Essar Oil was the biggest Indian client of Iran in 2014, followed by Mangalore Refinery and Petrochemicals Ltd and Indian Oil Corp." (Reuters, "India oil imports from Iran jump sharply in 2014," 1/16/15)

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"Essar Group, a $39 billion Indian conglomerate, is looking to tap frozen Iranian oil revenues to pay for its steel exports to Tehran, in a novel attempt to work around Western financial sanctions against the OPEC member state. The National Iranian Oil Company (NIOC) proposed the payment mechanism in August, potentially opening a new way to release oil export proceeds tied up in India under Western sanctions linked to Tehran's disputed nuclear program. According to industry and government sources, and letters reviewed by Reuters, Essar has asked the Indian government to free it from paying its share of oil dues to Iran, and instead offset them against a $2.5 billion deal to supply steel plate to a NIOC affiliate... Supplying steel to Iran is 'prohibited', while dealing with NIOC 'is very likely to fall foul of European Union and U.S. sanctions legislation,' said Jonathan Moss, partner and head of marine and trade at law firm DWF in London... The Iran Freedom and Counter-Proliferation Act of 2012 lists steel as a commodity subject to sanctions... India settles 45 percent of its oil trade with Iran in rupees, with the rest held back by the refiners who buy the oil. These unpaid funds are released as and when the West allows Iran access to them. Essar Oil buys oil from NIOC, while Essar Steel agreed in January to supply steel plate to Iranian Gas Engineering and Development Co (IGEDC), a NIOC affiliate. Deliveries of steel began in May, said a knowledgeable person at STC, adding that steel worth $100 million had been shipped so far. A source at the oil ministry valued the sales at $550 million. Ghadir Movahedzadeh, NIOC's financial director, proposed drawing on the 55 percent tranche of oil dues to pay for the steel deliveries in a letter to Essar Oil dated Aug. 26." (Reuters, "Exclusive: Indian Essar's planned oil-for-steel deal tests Iran sanctions," 11/28/14)

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“Essar Oil and Mangalore Refinery and Petrochemicals Ltd were the only two Indian refiners that purchased oil from Iran in April.” (Reuters, “India's April Iran oil imports drop as buying spree cools,” 5/14/14)

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"India is set to pay Iran $1.65 billion over the next three months under an interim nuclear deal that eases sanctions on Tehran and gives it access to $4.2 billion in blocked funds, four sources with knowledge of the matter said…The Indian government has asked refiners to make the first payment by mid-May, three of the sources said, adding that refiners will settle all three tranches if payment is allowed by the United States and European Union. ‘The individual companies' share is to be worked out,’ one of the sources said…Three of the sources said Iran had asked India to make payments into the Central Bank of Iran's account with Oman's Bank Muscat BMAO.OM in Omani rails. ‘All I can confirm is that some movement is happening on payments by India to Iran, but the modalities as to which bank will be used by India to remit funds is yet to be worked out,’ said a western diplomat privy to the matter, who was not one of the four previously cited sources. Indian refiners Essar Oil, Bangalore Refinery and Petrochemicals Ltd, Hindustan Petroleum Corp and HPCL-Mittal Energy Ltd together owe $3.6 billion to National Iranian Oil Co.” (Reuters, “India to make May-July oil payments to Iran - sources,” 4/23/14)

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“Essar Oil, Iran's top Indian client, imported 18.6 percent more oil from Tehran in 2013/14 after a jump in shipment volumes in the final quarter to end-March, according to tanker arrival data obtained from trade sources and assessed by Thomson Reuters Oil Analytics. The private refiner shipped in about 231,100 barrels per day (bpd) of Iranian crude in March, its highest monthly shipment since at least January 2011, reflecting a growth of about 90 percent from February and six times more than the volume in March 2013, the data showed. The higher volumes in the quarter were probably triggered by an interim deal agreement Tehran and six world powers in November for a loosening of trade sanctions in exchange for curbs on Iran's disputed nuclear programme. Essar shipped in about 105,700 bpd from Iran in the year to March 31, the data showed benefiting from discounts offered by Tehran. On the basis of actual loading from Iran, Essar lifted about 31 percent more oil than the contracted 80,000 bpd in the last fiscal year, a government source told Reuters. Iran accounted for about a third of Essar's total imports of about 3.28 million bpd in the last fiscal year, compared with 27.6 percent the year before, the data showed.” (Reuters, “India's Essar buys 18.6 pct more Iranian oil in 2013/14,” 4/17/14)

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“Private refiner Essar Oil and Mangalore Refinery and Petrochemicals Ltd had a deal to buy 80,000 bpd each from Iran in the last fiscal year. State-owned Indian Oil Corp signed for the other contracted term volumes of 25,000 bpd. Essar bought about 105,400 bpd, 32 percent higher than its contract, while MRPL shipped in 83,800 bpd, said the official. 'Essar took almost half of our overall imports from Iran (in 2013/14). They (Iran) are offering better deals than others in the Gulf,’ the official said. Essar Oil officials did not respond to an e-mailed request for further details.Iran has been offering free shipping and discounts on crude sales to Indian refiners to boost its exports.” (Reuters, “India cuts Iran oil imports nearly a fifth in 2013/14,” 4/17/14)

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“Private refiner Essar Oil will be the biggest Indian buyer of Iran's oil this financial year, replacing state-owned Mangalore Refinery and Petrochemical. Essar will have lifted about 30 percent higher than its contract volume of 80,000 bpd, said another government source. A jump in Essar's Iran oil imports comes as Iran is giving India a discount on crude and offering free delivery. Essar has offered to take about 5.36 million barrels in March from Iran, taking its annual purchases to 105,000 bpd. MRPL's oil imports from Iran will average about 84,000 bpd this fiscal year versus contract levels of 80,000 bpd, the third government source said.” (Reuters, “Exclusive: India to slash Iran oil imports to meet nuclear deal parameters - sources,” 3/11/14)

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“Essar Oil, a key buyer of Iranian oil, in January sharply raised imports from the Islamic state and also became the first Indian refiner to ship in the Brazilian heavy grade Polvo, tanker arrival data showed. India's oil imports from Iran more than doubled in January from a month earlier after sanctions on Tehran were eased due to an interim deal on its nuclear programme. Essar received 141,900 barrels per day (bpd) of oil from Iran last month, up from 54,200 bpd in December, according to the data obtained by Reuters. Shipments last month were about 31 percent higher than a year ago. Essar officials declined to comment. During the first 10 months of the fiscal year ending March 31, Essar imported 91,500 bpd oil, a decline of about 6 percent from the same period the year before, the data showed…Essar's total crude imports in January rose 81.5 percent from a low base in December, when it drew from inventory and cut purchases.” (Reuters, “India Essar's oil imports from Iran jump sharply,” 2/25/14)

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"Essar Oil reduced its imports of Iranian oil by 16.4 percent in the first seven months of this fiscal year, tanker arrival data made available to Reuters showed. The private refiner received about 91,000 barrels per day (bpd) oil from Iran in April-October, the data showed, making up more than half of the total 170,000 bpd that India took from the sanctions-hit nation. The United States renewed six-month waivers on sanctions for India and other major buyers including China and South Korea last week in exchange for reduced purchases of oil from Iran. India's overall purchases from Iran for the April-October period are down about 40 percent from the same period a year ago as the state-run refiners cut volumes substantially…Essar's Iranian oil imports in the first ten months of the calendar year were down about 32.7 percent to 84,100 bpd. Last year, the refiner was stepping up purchases ahead of the start of additional sanctions in July 2012. Essar shipped in 106,000 bpd from Iran in October, a growth of 9.8 percent over September, the data shows." (Reuters, "India's Essar Apr-Oct Iran oil imports down 16.4 pct y/y-trade," 12/2/13)

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"Indian refiners have asked the government to clarify if they can pay Iran for crude in euros after the National Iranian Oil Company (NIOC) requested settlement of some debts through a Turkish bank, Indian officials said on Wednesday…India now owes Iran about $5.3 billion for oil imports, government and refining sources said last week. In mid-October, NIOC informed Indian refiners that Halkbank was ready to restart channelling the payments to Iran, the sources told Reuters, declining to be named due to the sensitivity of the matter. NIOC said it had been informed that Halkbank could be used again by Iran's central bank. It was unclear from the communication from NIOC what had changed that would allow the payments to restart without contravening U.S. sanctions, the sources said…Indian refiners have yet to restart payments via Halkbank and have asked the government for guidance, the sources said…Indian refiners Essar Oil, Mangalore Refinery and Petrochemicals Ltd, Hindustan Petroleum and Indian Oil Corp have all bought crude from Iran and owe payment, sources said." (Reuters, "Indian refiners puzzle over Iran request for euro oil payment-sources," 11/13/13)

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"Iran is offering free delivery of crude to major client India, industry sources said, signalling that tough Western sanctions which have slashed its exports in half are --driving Tehran to increasingly desperate measures to keep oil flowing…Iran's remaining Indian clients - Mangalore Refinery and Petrochemicals Ltd, Essar Oil and Indian Oil Corp - could save freight of 70 cents to $1 a barrel on purchases from Iran, said one of the sources…India is one of Iran's few remaining clients along with other Asian buyers China, Japan and South Korea. (Reuters, "Iran offers to ship crude to India for free to boost sales," 11/7/13)

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"Refiner Mangalore Refinery and Petrochemicals Ltd (MRPL.NS) was the biggest importer of Iranian oil in September, replacing Essar Oil (ESRO.NS) by shipping in 133,000 bpd, the data showed." (Reuters, "India's Iran oil imports drop as refiners await insurance fund," 10/29/13)

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"Oil and container trade between India and Iran has been disrupted due to uncertainty over insurance cover, leaving some ships stranded outside ports in both countries, industry sources said. The delays had occurred because New Delhi had not yet extended approval for Iranian underwriters to provide insurance for container and tanker vessels calling at Indian ports, they said…A three-month approval by India for Iran's Kish P&I and Moallem Insurance Co to cover container and tanker vessels calling at Indian ports lapsed on September 27…Two Iranian vessels carrying oil for Indian refiner Essar Oil (ESRO.NS) -- Sundial, an aframax sized tanker, and a very large crude carrier Sunshine -- were waiting at an Indian port, the sources said." (Reuters, "Iranian trade with India hit by insurance delay - sources," 10/8/13)

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"India aims to cut Iranian crude imports by 15 percent this fiscal year, the oil secretary said on Tuesday, differing from the oil minister who recently said he wanted to hold the shipments at last year's levels. Ahead of Prime Minister Manmohan Singh's visit to the United States last week, Oil Minister M. Veerappa Moily said Iranian imports should be held steady at 260,000 barrels per day (bpd) to save as much as $8.5 billion in foreign exchange as Tehran accepts partial payment in rupees. However, Oil Secretary Vivek Rae, the Petroleum Ministry's top bureaucrat, said on Tuesday that India targets oil imports of around 220,000 bpd from Iran in the year through March 2014…Mangalore Refinery and Petrochemicals and Essar Oil - the only Indian refiners currently importing Iranian crude - will import about 80,000 bpd each this fiscal year." (Reuters, "India aims to cut Iran oil imports by 15 pct - oil secretary," 10/1/13)

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"India's Essar Oil imported 21.1 percent more Iranian oil in June compared with a year earlier and shipped in Kazakhstan's CPC blend for the first time, tanker arrival data made available to Reuters showed, as the private refiner increased its appetite for testing new grades after expansion. Essar was the only Indian client of Iranian oil in June buying 138,900 barrels per day (bpd), a growth of 16.3 percent over May. The refiner, however, has cut Iranian oil imports by about a third in the first half of this year when it received 86,300 bpd as it stepped up purchases last year ahead of sanctions starting in July 2012... However, Essar continued using Iranian oil based on legal advice that EU sanctions are not applicable in this situation, a document made available to Reuters showed. But there is some uncertainty as it is up to reinsurers to interpret the sanctions." (Reuters, "Table-India Essar's June Iran Oil Imports Up 21.1 pct-trade," 7/24/13)

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"India's imports of crude oil from Iran more than halved in June from a year ago, as refiner Essar Oil became the only remaining Indian client of the sanctions-hit country, tanker data obtained by Reuters showed." (Reuters, "India's Iranian Oil Imports More than Half in June-trade," 7/23/13)

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"That has left the country's biggest refiner, state-owned Indian Oil Corp - whose insurance coverage is due for renewal only in November - and private refiner Essar Oil as Iran's only Indian clients, according to sources... This means Essar Oil would be Iran's sole customer in India from June to later this year, unless other Indian refiners find a way to insure plants processing Iranian crude or sanctions are eased." (Reuters, "India cuts Iran oil imports 42 pct, takes Venezuelan, other crudes," 6/17/2013)

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"Mangalore Refinery and Petrochemicals Ltd and Essar Oil have said they would halt imports from Iran because of insurance problems, Vivek Rae told reporters." (Reuters, "India plans reinsurance fund to cover refiners using Iranian oil," 3/24/2013)

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"Essar Oil has more than halved oil imports from Iran in November and aims to reduce purchases further, a source with direct knowledge of the matter said, strengthening New Delhi's hopes of a continued waiver from U.S. sanctions. Privately-owned Essar was Iran's top Indian client in April to October, temporarily replacing state-run Mangalore Refinery and Petrochemicals Ltd, according to data available to Reuters, taking more than its term deal's average quantities... In November, Essar imported about 265,000 tonnes or about 64,500 barrels per day (bpd) crude from Iran, a decline of about 55 percent from the previous month and about a third of its imports a year ago, the source said... 'Essar will continue to reduce purchases from Iran as it wants to bring down imports from Iran to about 85,000 barrels per day in this fiscal year,' said the source. Essar imported about 109,000 bpd from Iran during April-October, according to Reuters data, and has been criticised by state-run refiners for not cooperating with them in India's effort to reduce shipments from the Islamic nation... Essar has an annual deal with Iran to import about 100,000 bpd oil in this fiscal year ending March 31, 2013 and the planned reduction is in line with a verbal directive from the government to reduce imports by 15 percent. Essar, which operates a 400,000 bpd refinery at Vadinar in western Gujarat state, has meanwhile significantly raised processing of heavy and ultra-heavy grades, including those from Latin America, to improve refining margins... Essar aims to buy 15-20 percent of its oil needs from the domestic market, 35-40 percent from Latin American sources, and 30-40 percent from the Middle East, it said in May." (Reuters, "Essar slashes Iran imports in Nov; to continue with cuts-source," 12/4/2012)

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"While India's state-run refiners are adhering to the government's verbal order to cut imports from Iran by at least 15 percent, their efforts could be undermined by private refiner Essar and now HMEL... Essar sources, however, said their Iranian crude purchases would average 85,000 bpd in financial 2012/13 (April-March), a decline of 15 percent from an originally contracted 100,000 bpd. From April-August Essar has bought an average 102,000 bpd." (Reuters, "India's HMEL bought 2 million barrels of Iranian oil: sources," 10/13/2012)

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"Essar Oil, the only private refiner in India that buys Iranian oil, has raised imports of oil from Tehran by a third in July compared with June and about 37 percent from a year ago, according to tanker discharge data made available to Reuters. Essar has renewed its term deal with Iran to buy 100,000 barrels per day (bpd) oil in 2012/13 (April-march) but plans to cut purchases by 15 percent after a verbal directive by the government. However, the refiner has shipped in an average 104,000 bpd since April." (Reuters, "India Essar's July Iran oil imports rise a third from June-trade," 8/31/12)

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"Falling imports pushed Iran to sixth position in the list of India's biggest suppliers of oil in July, compared with the third position it enjoyed in June and No. 4 a year ago. The shortfall is being made up with extra barrels from the world's biggest exporter, Saudi Arabia, as well as the United Arab Emirates, which emerged as the fourth-biggest supplier to India. While state-run refiners have stepped up imports from Nigeria, which was third-biggest supplier in July, private refiner Essar Oil has turned its focus to Latin America. Essar, which raised the use of heavy and ultra-heavy crude oil in April-June, has signed a deal to buy 12 million barrels of oil from Colombia . . . In July Essar emerged as Iran's top Indian client replacing Mangalore Refinery and Petrochemicals, which lifted only a fifth of planned Iran imports in July. MRPL is looking at alternatives to make up for the Iran shortfall . . . Essar's imports rose by a third in July to 154,400 bpd compared with June, the data showed, while MRPL's declined 86 percent to 22,200 bpd . . . Essar has renewed its annual deal of 100,000 bpd with Iran for this fiscal year starting April 1 but plans to lift 15 percent less volumes, while MRPL has reduced the size of its deal to 100,000 bpd compared with 124,000 bpd of 2011/12." (Reuters, "India cuts July Iran oil imports by over 40 pct y/y-trade data," 8/21/12)

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"Essar Oil, the only private refiner in India that buys Iranian oil, has significantly raised imports from the sanctions-hit nation in June, reversing the declining trend of the previous three months, ahead of tighter western sanctions that came into effect from July, according to tanker discharge data made available to Reuters…The private refiner more than trebled monthly imports from Iran in June to 114,700 bpd -- and they were about 70 percent more than a year ago. Essar is set to become the biggest Indian buyer from the Islamic Republic in July replacing Mangalore Refineries and Petrochemicals Ltd…Essar got nearly 44 percent of its crude imports from Iran in January-June. Overall imports by Essar rose nearly 17 percent during January-June to 284,400 bpd, the data shows." (Reuters, "India Essar's June Iran oil imports soar, break 3 mth trend," 7/19/2012)

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"India's biggest buyer of Iranian oil may only import one-fifth of the 3.3 million barrels of crude it had scheduled for July due to insurance and shipping difficulties caused by European Union sanctions on Tehran, industry sources said.

The possible drop in imports by state-owned refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) underscores the problems the EU sanctions, which ban most of the world's major insurance firms from covering shipments of Iranian oil, have created for Iran's major Asian customers China, India and Japan since coming into effect on July 1.

Along with U.S. sanctions, the EU measures, which include an oil embargo, has so far halved Iran's year-on-year oil sales…India had initially allowed state-owned refiners to use Iranian tankers to ship oil purchases from Iran but swiftly backtracked to benefit its own shipping industry, stipulating that state-run oil firms must use Indian ships and allowing limited coverage by state-run insurers for Iranian cargoes.

Private energy firm Essar Oil, which is not restricted by the government's shipping and insurance regulations on Iran, on Wednesday received 2 million barrels of oil in an NITC tanker." (Reuters, "India's main Iran oil buyer may cut July imports," 6/12/12)

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"India's Essar Oil, one of Iran's key Indian clients, has significantly reduced purchases from the santions-hit nation in May and switched to Latin American grades, which accounted for about a third of its overall imports during the month, tanker discharge data made available to Reuters show. Essar, which earlier this week completed an expansion of its Vadinar refinery in western Gujarat state to double capacity to 400,000 barrels per day (bpd), stepped up imports from Iran in January-March to meet last fiscal year's commitment and build stocks by July when tighter sanctions come into effect, making payments, insurance and supplies more uncertain.It bought about 33,000 bpd in May, down more than 70 percent both from April and a year ago. In April its Iranian oil imports declined by about a quarter from March and 6 percent from a year ago. Essar got nearly half its crude imports from Iran in January-May. Overall imports by Essar rose 16 percent during January-May, the data shows. The refiner significantly raised imports from Iraq in May, to replace Iranian volumes. Essar, whose crude slate comprises mainly Middle Eastern grades, also made a rare purchase of Venezuela's Leona 22 grade and Brazil's Jubarte oil in April-May, as the complexity of its plant has also been increased to process heavy and ultra heavy grades. Essar imported about 127,000 bpd oil from Iran in January-May, data showed." (Reuters, "India Essar's May Iran imports down over 70 pct- Trade," 6/8/12)

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"India does not allow state refiners to import oil on a delivered basis, a facility which privately-run Essar Oil has begun using." (Reuters, "Indian refiner MRPL turns to Iran for oil insurance -sources," 5/21/2012)

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"Essar Oil Ltd. (ESOIL), the operator of India's second-largest non-state refinery, provisionally hired a crude tanker to load from the Iranian port of Kharg Island, shipping data show... Rabin Ghosh, a Mumbai-based spokesman for Essar, declined to comment." (Bloomberg, "Essar Refinery in India Makes Preliminary Booking of Iran Crude," 5/10/2012)

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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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According to its website, "Essar Oil is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & production to oil retail. It has a global portfolio of onshore and offshore oil & gas blocks, with about 45,000 sq km available for exploration. Essar Oil has over 300,000 bpsd (barrels per stream-day) of crude refining capacity that is being expanded to 750,000 bpsd. There are over 1,300 Essar-branded oil retail outlets in various parts of India" (Company Website).

Essar Oil is part of the Essar Group, a “multinational conglomerate and a leading player in the sectors of Steel, Oil & Gas, Power, Communications, Shipping Ports & Logistics, Construction and Minerals. With operations in more than 20 countries across five continents, the group employs 60,000 people, with revenues of about USD 15 billion” (Company Website).

Essar’s 10.5 mtpa refinery in Vadinar, Gujarat “has the capability to produce petrol and diesel suitable for use in India as well as advanced international markets” (Company Website).

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"The top Indian oil importer in the first quarter was Essar Oil, buying 142,000 bpd compared with 88,000 bpd in the first quarter of 2011, the Petrologistics data showed. Essar plans to expand its refining capacity and will raise the capacity of its giant Vadinar refinery to 405,000 bpd this year." (Reuters, "India replaces China as Iran's top oil client," 4/13/2012)

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As of April 2010, Essar Oil imports 50 thousand barrels of crude oil per day from Iran. (Reuters, "Iran’s Crude Oil Buyers in Europe, Asia," April 18 2010)

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"So keen is the Essar Group to keep its plans for a $1.6 billion steel plant in Minnesota safe, that it has agreed to back away from a proposed oil refinery in Iran. In a letter to Minnesota Gov. Tim Pawlenty dated Oct. 31, Essar Group’s Americas president, Madhu Vuppuluri, said the company was exploring the possibility of building a refinery in Iran and bidding on exploration blocks, but would adhere to U.S. regulations limiting companies’ operations in the country." (Forbes, "Essar Backs Off On Iran," 11/1/2007)

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Essar continued to develop its business in Iran as of 2006, as mentioned in an article listed under Essar media reports from that year: “Essar Global is also expanding its base in Qatar, Iran and Sharjah” (Business Standard, "Essar to raise $530 mn, pledges Hutch stake part," October 05, 2006).

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Essar’s growing trade with Iran in the early 2000s was described in a media report found on the Essar company website: “The Essar group intends to increase import of crude from Iran and export of steel - produced by Essar Steel - to the West Asian country in a big way." "This is apart from the Indian industry's overall attempt to increase exports to Iran as the balance of trade is currently heavily tilted in its favour.” “The Chairman of the Essar Group, Mr Shashikant N. Ruia, told Business Line: ‘We will be exploring the possibility of increasing our trade with Iranian companies in general.’ Mr Ruia is a member of the high-powered trade delegation of the Federation of Indian Chambers of Commerce and Industry (FICCI) to Iran” (Business Line, "Essar to increase trade with Iran," April 08, 2001).

"German chemical company BASF is weighing an investment of $4 billion in Iran, the daily Handelsblatt has reported, citing industry sources. Together with an Iranian company, BASF wants to build new petrochemical plants near Iran’s hub of petrochemical activities and gas industry in Assaluyeh, the paper said. BASF signed a memorandum of understanding with the National Iranian Oil Company about future cooperation in April... However, BASF is not the only group that was negotiating with the Iranians, the paper said. Industry sources said Munich gas manufacturer Linde was interested in investment worth billions of dollars in the Iranian petrochemical industry jointly with the Japanese Mitsui Group. According to Handelsblatt, Linde CEO Wolfgang Büchele has been in 'pre-business talks' with the Iranians for some time." (Press TV, "BASF, Linde mull massive Iran investment," 8/9/2016)

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"Iran plans to increase its refining capacity for crude and condensate by more than 70 percent within the next four years as it works to improve the quality of fuel sold on the domestic market and wean itself off imported gasoline... The refineries to be upgraded are at Isfahan, Tabriz, Tehran, Bandar Abbas and Abadan, Kazemi said in the interview on Wednesday. The government will pay for Abadan plant's modernization and is seeking investors to fund the others, he said. Japanese engineering company Chiyoda Corp. is conducting a feasibility study with Mitsui & Co. on the Bandar Abbas project, said Masaru Akamatsu, a Chiyoda spokesman. Japan's Ministry of Economy, Trade & Industry is paying for part of the study, which is scheduled for completion by the end of March, Akamatsu said. The modernization contract is worth about 300 billion yen ($2.8 billion), Japanese broadcaster NHK reported in February... " (Bloomberg, “Iran Plans Oil-Refinery Expansion to Cut Gasoline Imports,” 6/12/2016)

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The Mitsui & Co., Ltd. company website lists offices in Tehran, Iran.

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"Iran said on Monday that it welcomes the return of Japan's Mitsubishi and Mitsui to its petrochemical projects. Abbas Sheri-Moqaddam, the managing director of the National Petrochemical Company (NPC), said Mitsubishi and Mitsui had a satisfactory performance in different sections of Iran’s petrochemical industry. Sheri-Moqaddam, speaking in a meeting with the heads of the two companies who are in Tehran on board a senior Japanese trade delegation, added that they can again participate in Iran’s projects once the sanctions against the country are lifted... The heads of Mitsubishi and Mitsui for their part said they are ready to resume investments in Iran once the sanctions against the country are lifted." (Press TV, "Iran wants Japan’s big petchem firms back," 10/12/15)

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“Japan's Mitsui Company has announced that it is ready to invest $4 billion in Iran's railway, airport, port and shipping projects. Senior officials from the Japanese company met with officials from Iran's Transport and Urban Development Ministry, discussing the investment opportunities, Iran's Mehr news agency reported on May 9. In March, Iranian Foreign Minister Mohammad Javad Zarif said Japan has been an important trading partner to Iran, but unfortunately because of sanctions, there has been a sharp drop in the trade relations. ‘It is important for us to take advantage of the opportunity provided by the result of development in the international scene,’ he said, referring to a deal between Iran and six countries struck in November to curb Tehran's uranium enrichment in exchange for the easing of tough international sanctions.” (Trend, “Japanese company ready to invest $4 bln in Iran’s transport projects,” 5/9/14)

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"Japanese shipping company Phoenix Tankers is one such company. Phoenix shipped Iranian LPG to South Korea earlier this year on a spot basis, said Tetsutaro Kozai, a spokesman at Mitsui OSK, the parent company of Phoenix. 'It is now up to our customers as the EU has discussed but not yet decided if LPG is subject to sanctions,' he said. 'If there is such a spot order, we'll comply with the EU's decision and consider if we can transport safely before accepting it.'" (Reuters, "EU sanctions strangle Iranian LPG exports to Asia," 10/31/2012")

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"Nova Tankers, the Copenhagen-based operator of a pool of ships including vessels owned by Mitsui O.S.K Lines Ltd., won't load Iranian crude because of European sanctions, Managing Director Morten Pilnov said by phone from Singapore on Feb 9." (Bloomberg, "Iran Sanctions Tighten as OSG to Frontline Halt Crude Cargo," 2/13/2012)

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"Iran's Petrochemical Commercial Co (PCC) sold 15,000-23,000 tonnes of ammonia for late October lifting to Japanese trader Mitsui at $420/tonne (€307/tonne) FOB (free on board), market sources said on Thursday. The price was $10/tonne higher than the last concluded sale out of the Middle East amid limited supply and healthy demand, they said. From Qatar Fertilizer Co (QAFCO), Mitsui bought a spot cargo for mid-October loading at [2]$410/tonne FOB on 16 September, sources said." (Chemical News & Intelligence, "Iran's PCC sells up to 23,000t ammonia to Mitsui at $420/tonne," 9/30/10)

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"Mitsui has purchased an Iranian ammonia cargo for August shipment at $315/tonne (€246/tonne), up by $20/tonne from its last buy, amid a firmer market, a source with the Japan-based trader said on Thursday. The 23,500-tonne cargo was purchased from Iran's Petrochemical Commercial Co on a free on board (FOB) basis, the source said. The Tilos vessel is due to arrive at the port on 27 July and the cargo is to be lifted in the second half of August, the source said, adding that the shipment is expected to sail to India. Mitsui last purchased ammonia from Petrochemical Commercial in late June at $295/tonne FOB for late-July/early-August shipment from the port of Bandar Imam Khomeini." (Chemical News & Intelligence, "Mitsui buys 23,500-tonne Iran ammonia cargo at $315/tonne," 7/22/10)

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"Mitsui's business in Iran goes back to the 1970s, according to a company history, and its Web site lists a current office in Iran. Mitsui & Co., Ltd. has arranged financing provided by export credit agencies for the principals of industrial projects in Iran that have been planned, owned and operated by companies in which the government has a direct or indirect equity share, according to company spokesman Shinji Takeuchi. He said that Mitsui & Co. is also involved in supporting the purchase of crude oil, oil products and petrochemical products from Iran for sale in Japan and other Asian countries. Mitsui's lucrative work for the United States government includes providing platinum to the United States Mint for coins." From 2000-2009, the company was the recipient of $768.6 million US federal funds. Their investments are currently active in Iran. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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The U.S. has not begun to exercise its leverage in that area. Consider that in the last two years, Brazil's Petrobras, China's Sinopec, Italy's Eni, Japan's Mitsui Petrochemical and Norway's Statoil have all reportedly made deals worth more than $10 million each in Iran's energy sector. All are listed on the New York Stock Exchange (except for Mitsui's parent, which is on the Nasdaq). Should Iran's economic enablers be listed on American exchanges? (The Wall Street Journal, "The Right Sanctions Can Still Stop Iran," 12/10/09)

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Trading companies including Mitsui & Co., Marubeni, and Mitsubishi Corp. are lifting large quantities of products from Iran. (Chemical Week, "Iran Aims to Overtake Saudi Arabia in Petchems; NPC Sale Advances," 5/26/08)

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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, "List of Companies Doing Business With State Sponsors Of Terror," Removed from the Internet in July 2007)

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Mitsui Engineering and Shipbuilding was up 4.2 pct or 8 yen at 200 following a report it won a 35 bln yen contract to build an ethylene glycol factory in Iran. (AFX, "Tokyo stocks slightly higher at lunch on foreign investor-led buying," 2/21/05)

On November 13, 2020, Bilfinger SE was removed from the Iowa Public Employees' Retirement System Iran Prohibited Companies List. 

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As of August 15, 2019, Iowa's Municipal Fire & Police Retirement System lists Bilfinger SE on its Iran Scrutinized Companies List.

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"German engineering group Bilfinger said it did not plan to sign any new business in the country." (8/14/18).

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In a letter to CalPERs dated December 5, 2017, the company confirmed it is not engaged in the business activities targeted by California Public Divest from Iran Act.

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In 2017, the U.S. state of California listed Bilfinger SE on its state list of Companies under review for Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors.

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In July 2016 Bilfinger secured its first order in Iran. Bilfinger is delivering the entire process control system for the upgrade of one of Iran’s largest refineries.

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"Financing is the main hurdle facing companies looking at doing business in Iran, Bilfinger Chief Executive Thomas Blades said in German newspaper Handelsblatt and he also said it would take time for the country to regain investors' trust. "The biggest challenge that I currently see in Iran is the financing of projects," Blades said in an interview published on Thursday. Many Western banks have been reluctant to provide financing for big projects in Iran, fearing a regulatory backlash if there is a new setback in relations with the country. Blades said Bilfinger's response to Iran's "bring your own money" attitude was to focus on trying to win projects that run for only a few months rather than several years. The engineering services group won a contract worth several million euros in July to supply a process control system for the upgrade of one of Iran's largest refineries." (Reuters, "Bilfinger CEO says will take time for Iran to regain investors' trust," 12/8/2016).

"Financing is the main hurdle facing companies looking at doing business in Iran, Bilfinger Chief Executive Thomas Blades said in German newspaper Handelsblatt and he also said it would take time for the country to regain investors' trust. "The biggest challenge that I currently see in Iran is the financing of projects," Blades said in an interview published on Thursday. Many Western banks have been reluctant to provide financing for big projects in Iran, fearing a regulatory backlash if there is a new setback in relations with the country. Blades said Bilfinger's response to Iran's "bring your own money" attitude was to focus on trying to win projects that run for only a few months rather than several years. The engineering services group won a contract worth several million euros in July to supply a process control system for the upgrade of one of Iran's largest refineries." (Reuters, -- "Now that most of the economic sanctions against Iran have been lifted, the country has become an interesting partner for German industry. Bilfinger has now secured its first order there: one of Iran’s largest refineries is being upgraded and Bilfinger is delivering the entire process control system for the project. The system will be designed, built and programmed in Germany. Following testing and customer acceptance, it will be shipped to Iran. The order has a volume of several million euros, though the parties agreed not to disclose the exact amount. The contract was signed during a visit of the Iranian delegation to Bilfinger headquarters in Mannheim.'Our engineering services made in Germany are an international seal of quality. I am delighted that we will be able to contribute our quality and reliability to the ambitious project in Iran,' says Tom Blades, CEO at Bilfinger SE. 'Iran has a great deal of pent up demand when it comes to the modernization of its industrial facilities and Bilfinger can make a contribution here in cooperation with Iranian companies.'" (Bilfinger Press Release, "Bilfinger establishes foothold in Iran," 7/29/2016).

Jindal Steel and Power Limited (JSPL) is listed as an attendee for the 2016 2nd Iranian Iron & Steel Conference taking place from September 26-28 in Isfahan, Iran. The event overview states: "There is much to discuss, with sanctions being removed, new projects and investment opportunities planned across Iran and an in-depth look at the central Asian region steel industry" (2nd Iranian Iron & Steel Conference, 2016).

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"Jindal Steel and Power Limited (JSPL) dispatched the first lot of rail to Iran on Sunday from its Raigarh facility. The steel major had bagged a contract to supply 150,000 tonnes of rail to Iran for developing rail infrastructure. Of the order, 130,000 tonnes would be normal rail and 20,000 tonnes specialised head hardened rail that is produced only by the JSPL in the country. “The rail supply to Iran is a major contribution of JSPL in Make-in-India concept,” company’s Executive Director (projects and operations) Pankaj Gautam said while flagging off the first rake of consignment. In the first lot, 1700 tonnes of 18-meter normal rail has been dispatched to the Gangavaram port in Andhra Pradesh for shipping." (Business Standard, "JSPL dispatches first lot of rail to Iran," 8/7/2016).

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"State-run Steel Authority of India Ltd and private firm Jindal Steel and Power Ltd have signed a deal with Iran to supply 250,000 tonnes of steel rails worth 17 billion Indian rupees ($255 million) in 2015." (Reuters, “India raises Iran credit line to $450 million,” 4/6/2016)

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"Iranian trade negotiators have become more assertive with Indian counterparts as hopes rise of international sanctions on Tehran easing later this year, sources said, and Indian companies fear they may lose business as more countries bid for projects. The push back from the Iranians came as a surprise to India, which has enjoyed special dispensation from Tehran as one of only a handful of countries willing to do business with it while it faced Western economic sanctions. Under a tentative framework agreement reached between six major powers and Tehran in April, Iran agreed to limit its nuclear activity in return for sanctions relief. A final deal could be reached by June 30. That prospect appears to have emboldened Iran, said sources familiar with trade negotiations with India, including in its handling of a sizeable deal to import railway tracks. The $233 million contract, signed last October, was for India's State Trading Corp (STC) to facilitate exports of rail tracks from SAIL Ltd and Jindal Steel and Power Ltd to Iran's railways. But Iran told Indian negotiators that it had offers from other countries, including Turkey, to supply the equipment at a cheaper cost, the sources said." (Reuters, "With nuclear deal in sight, Iran drives harder bargain in Indian trade talks," 5/19/15)

Mitsubishi Corporation is listed as an attendee for the 2016 2nd Iranian Iron & Steel Conference taking place from September 26-28 in Isfahan, Iran. The event overview states: "There is much to discuss, with sanctions being removed, new projects and investment opportunities planned across Iran and an in-depth look at the central Asian region steel industry" (2nd Iranian Iron & Steel Conference, 2016).

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"Iran plans to increase its refining capacity for crude and condensate by more than 70 percent within the next four years as it works to improve the quality of fuel sold on the domestic market and wean itself off imported gasoline... The refineries to be upgraded are at Isfahan, Tabriz, Tehran, Bandar Abbas and Abadan, Kazemi said in the interview on Wednesday. The government will pay for Abadan plant's modernization and is seeking investors to fund the others, he said... Daelim Industrial Co., based in South Korea, and Marubeni Corp. and Mitsubishi Corp., both with headquarters in Japan, are also interested in working on refinery projects in Iran, Kazemi said." (Bloomberg, “Iran Plans Oil-Refinery Expansion to Cut Gasoline Imports,” 6/12/2016)

SMS Group is listed as an attendee for the 2016 2nd Iranian Iron & Steel Conference taking place from September 26-28 in Isfahan, Iran. The event overview states: "There is much to discuss, with sanctions being removed, new projects and investment opportunities planned across Iran and an in-depth look at the central Asian region steel industry" (2nd Iranian Iron & Steel Conference, 2016).

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“As economic sanctions eased last month under a temporary accord, Iran is shaping up as a hot, untapped opportunity for Western steel exporters, particularly high-grade varieties…About 45 producers sent representatives to a steel conference last month in Tehran to study export opportunities and investing in Iran’s domestic industry, Karbasian said. More than 10 steelmakers contacted by Bloomberg declined to comment or said they hadn’t attended the event…Germany’s SMS Siemag gave addresses at the steel event in Tehran, Karbasian said…A spokesman for SMS, which sells equipment to the steel industry, said it attended the conference to rebuild relationships in the country. The company, which has done business in Iran for more than 25 years, said while it’s products were not covered by sanctions it had halted trade as its customers struggled to access finance for deals.” (Bloomberg, “Iran Thaw Seen Re-Stoking $6 Billion Market for Steel,” 3/12/14)

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“The German SMS Siemag company is ready for investment in Iranian steel projects, president and CEO of SMS Siemag, Burkhard Dahmen said, Tasnim news agency reported on Dec. 4. Dahmen made the remarks during a meeting with head of the Iranian Mines & Mining Industries Development and Renovation Organization (IMIDRO), Mahdi Karbasian in Tehran. Dahmen underlined that the EU policy towards boosting relations with Iran is a new opportunity which should not be lost. During the meeting two sides agreed that SMS Siemag to involve in joint venture with other international steel companies in Iranian steel projects. SMS Siemag has earlier participated in some steel projects in Iran including the Hormozgan and Mobarakeh steel plants.” (Trend, “German company ready to invest in Iranian steel projects," 12/6/13)

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In 2006, SMS Siemag, then called SMS Demag, helped to build a “turnkey iron and steel plant in the Iranian province of Hormozgan, not far from the provincial capital of Bandar Abbas, [Iran].” (Press Relase, "SMS Demag AG builds an iron and steel plant on the Persian Gulf,” 6/21/06)

Cockerill Maintenance & Ingénierie is listed as an attendee for the 2016 2nd Iranian Iron & Steel Conference taking place from September 26-28 in Isfahan, Iran. The event overview states: "There is much to discuss, with sanctions being removed, new projects and investment opportunities planned across Iran and an in-depth look at the central Asian region steel industry" (2nd Iranian Iron & Steel Conference, 2016).

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CMI UVK GmbH reportedly participating in the Iran Mines & Mining Industries Summit, being held in Tehran May 31-June 1, 2015. (IMIS Website, “List of companies participating in IMIS”)

"Hyundai Oilbank Co , South Korea's smallest refiner by capacity, has bought its first Iranian condensate cargoes to prepare for trial runs at a new refining unit in its joint venture with Lotte Chemical, two sources with knowledge of the matter said on Friday. Condensate, an ultra-light form of oil, is mainly used to produce chemical feedstock naphtha. Hyundai's plant is one of several to come online across Asia and the Middle East, boosting demand for condensate. Hyundai bought two cargoes of about 1.1 million barrels loading in June and August ahead of the start-up of its new splitter, the sources said. The first cargo arrived last month and the second cargo is expected to arrive in early September along with 1 million barrels of Qatari condensate, they said. Hyundai Oilbank's joint venture with Lotte Chemical, known as Hyundai Chemical, is expected to start trial runs of the new 130,000 barrels-per-day splitter in Daesan on the country's west coast in August-September and to start commercial production in the fourth quarter, a company's spokesman said." (Reuters, "Hyundai Oilbank buys first Iranian condensate for new splitter - sources," 8/12/2016).

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“Hyundai Chemical, a joint venture between Hyundai Oilbank Co and Lotte Chemical, could be Iran's next customer as it is due to start trial runs at a new 110,000-bpd splitter in Daesan on the country's west coast in August-September, trade sources said. Iran's South Pars Condensate (SPC) could make up more than half of the unit's feestock, one source said.” (Reuters, “South Korea's condensate imports from Iran to soar in June,” 6/9/2016)

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"South Korea plans to boost imports of Iranian oil, especially condensate, this year to meet growing demand after sanctions on the Islamic nation were lifted in January... South Korea's trade ministry said the two countries would establish a payment system to facilitate smooth trade of crude and condensate between National Iranian Oil Company and South Korea's SK Energy and Hyundai Oilbank. South Korea's condensate demand is expected to grow this year as Hyundai Oilbank will start operations at a new splitter." (Reuters, “South Korea plans to boost Iran oil imports, especially condensate,” 3/2/2016)

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Hyundai Oil Bank is a subsidiary of Hyundai Heavy Industries.

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“South Korea's crude imports from Iran surged 104 percent in February from a year earlier as refiners hiked purchases ahead of maintenance shutdown starting from March, according to the country's customs data and a refining source. South Korea imported 1.1 million tonnes of Iranian crude last month, or 294,069 barrels per day (bpd), up 4.5 times from January and double from a year earlier, preliminary customs data showed on Saturday…’The two refiners had to hike the imports ahead of maintenance shutdown starting from March. Before and after the maintenance, refiners usually import more to meet annual import contracts,’ a Seoul-based refining source told Reuters. Of four South Korean refiners, SK Energy and Hyundai Oilbank are the only ones that buy Iranian oil on a regular basis. Their Iranian crude imports can vary from month to month as one of the two refiners that buy from the OPEC receives the oil only every other month. SK Energy will shut a 260,000 bpd No. 5 crude distillation unit (CDU) and a 57,000-bpd No.1 gasoline-making unit in the second quarter for maintenance, a spokesman at parent SK Innovation Co Ltd said. Hyundai Oilbank will shut its No.1 110,000-bpd CDU in April for maintenance, it said last month.” (Reuters, “S.Korea Feb Iran oil imports soar ahead of shutdown," 3/15/14)

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"South Korea's Iranian crude imports fell in October from September, meeting a targetted 15 percent cut in its shipments from the OPEC member for the June-November period to secure an extension of its six-month U.S. sanctions waiver…outh Korea imported 420,402 tonnes of Iranian crude last month, or 99,405 barrels per day (bpd), down more than a quarter compared with September and down nearly a half from a year earlier, preliminary customs data showed on Friday…The total means South Korea met the 125,814 bpd it aims to achieve in its imports from Iran in the six months through November…South Korea's Iranian crude imports vary from month to month as one of the two Korean refiners that buys from Iran receives oil only every other month, according to industry sources. The imports unexpectedly jumped in July from the year-earlier period before dropping off again in August. SK Energy and Hyundai Oilbank are the only South Korean refiners that take Iranian oil on a regular basis. South Korea, the world's fifth-largest crude buyer, imported a total of 10.7 million tonnes of crude last month against 11.1 million tonnes in October 2012, data from the Korea Customs Service also showed on Friday." (Reuters, "S.Korea's Oct Iran oil imports drop, meet target," 11/15/13)

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"South Korean refiners SK Energy and Hyundai Oilbank are the only two in the country to import Iranian crude. Spokesmen at both refiners declined to comment". (Reuters, "South Korea Pledges 15 Percent Cut to Iran Oil Imports," 06/24/13)

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"Its two buyers of Iranian crude, refiners SK Energy and Hyundai Oilbank, are shutting a combined 560,000 bpd of refinery capacity for planned maintenance between March and June." (Reuters, "UPDATE 1-S.Korea's Iran crude imports for March down 16.2 pct y/y," 4/22/2013)

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"South Korean refiners SK Innovation Co. and Hyundai Oilbank Co. resumed shipments after Iran offered its own vessels." (Bloomberg, "South Korea’s Oil Imports From Iran Rise 24% From a Year Earlier," 1/14/2013)

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"South Korean refiners will cut imports of Iranian crude during the six months to May by about a fifth from a year earlier, to avoid sanctions by Washington, government and industry sources told Reuters on Monday. Last week the United States granted 180-day waivers on Iran sanctions to China, India, South Korea and some other countries after they cut oil purchases from the Islamic Republic . . . South Korea, the world's fifth largest importer of crude, and one of Iran's biggest oil customers, gave the assurance on the size of the cuts in talks with the United States following discussions with Korean refiners, the sources said. Such a cut would imply South Korean imports of about 147,814 barrels per day (bpd) over the period to next May, since the country imported 184,767 bpd of Iranian crude from December 2011 to May 2012. Two refiners, SK Energy and Hyundai Oilbank, now import about 200,000 barrels per day of crude from Iran." (Reuters, "South Korea to cut Iran crude imports 20 percent," 12/10/12)

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"Hyundai Oilbank Co. operates a 395,000 barrel-a-day refinery in Daesan." (Bloomberg, "Iran Oil Tanker Signals for Daesan as Korea Continues Importing," 11/6/2012)

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"An Iranian supertanker is heading to South Korea with a cargo of oil, according to shipping data, as the Islamic republic uses state-owned tankers to make deliveries in response to sanctions over its nuclear program. The Brawny, a very large crude carrier that can take on 2 million barrels of oil, left the Iranian port of Kharg Island yesterday and is provisionally scheduled to discharge its cargo at Daesan in South Korea, according to transmissions captured by IHS Inc. (IHS) on Bloomberg. National Iranian Tanker Co. owns the vessel. Hyundai Oilbank Co. operates a 395,000 barrel-a-day refinery in Daesan." (Bloomberg, "Iran Seen Sending Own Supertanker to Deliver Oil to South Korea," 10/5/12)

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"Another refiner, Hyundai Oilbank, will lift two million barrels in Iran by the end of the month, the government source said." (Reuters, "S.Korea's SK Energy lifts 2nd Iran crude cargo-source," 9/26/2012)

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"South Korean refiners will resume imports of up to 200,000 barrels per day of Iranian crude from September, economy ministry sources said on Monday, ending a two-month gap due to a European Union ban on insurance cover for Iranian oil . . . Total imports envisaged at resumption will be six million barrels per month, or 200,000 bpd. SK Energy will import four million barrels per month and Hyundai Oilbank will import two million barrels per month, the economy ministry source added. This is the volume refiners agreed in term contracts with Iran for this year." (Reuters, "S.Korea to resume Iran oil imports from Sept -econ min sources," 8/20/12)

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"South Korean refiners plan to resume buying crude from Iran in September after a two-month hiatus due to a European Union embargo that made shipping the oil difficult, government and refining sources said on Wednesday. The refiners have, like their Chinese and Indian counterparts, asked Iran to deliver crude on Iranian tankers, government and industry sources said. This shifts the responsibility to Iran for insurance, sidestepping a ban in the EU on insurers from covering Iranian shipments . . . . South Korean refiners and the National Iranian Tanker Company (NITC) are close to finalising a deal that would allow loading to resume from September, sources said.'Refiners have requested Iran to deliver crude, and the deal is almost reached,' a government source with direct knowledge of the matter said . . . Two refining sources confirmed the request had been made to NITC. SK Energy and Hyundai Oilbank are the only two South Korean refiners that import Iranian crude. The refiners would buy a similar quantity of oil as they had prior to the July stoppage, sources said. There may be some variance month by month due to the size of vessels available for imports from NITC, one refining source said." (Reuters, "S.Korea to resume buying Iranian crude in Sept," 8/8/12)

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"There's a 'high chance' that South Korea will resume importing Iranian crude oil in the near future, Minister of Knowledge Economy Hong Sukwoo said Thursday…Iranian officials have since offered accident insurance coverage worth a maximum of $1 billion on Iranian tankers shipping crude oil to South Korea, a Hyundai Oilbank official said earlier this month.

Hyundai Oilbank and SK Energy, the two South Korean refiners that imported Iranian crude, are considering Iran's offer to provide shipping services, officials from both companies have said…South Korea usually imports around 10% of its crude-oil requirements from Iran, but that percentage declined to 7.4% in the first six months of this year." (Dow Jones, "S Korea Oil Imports to Iran Seen Restarting," 7/26/12)

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"Iranian officials have offered accident insurance coverage worth a maximum of $1 billion for Iranian tankers shipping Iranian crude oil to South Korea, a Hyundai Oilbank official, who declined to be named, said Wednesday. Hyundai Oilbank and SK Innovation (096770.SE), which fully owns the nation's other refiner, SK Energy, are considering Iran's offer, officials from both companies said. Both companies imported crude oil from Iran until European Union sanctions that took effect July 1 effectively cut off insurance on Iranian crude shipments July 1 . . . The South Korean refiners are considering using the ships of NITC, or National Iranian Tanker Co., they said. Hyundai Oilbank is negotiating the details--including the offer of insurance and the number of monthly shipments--with Iranian officials, the Hyundai Oilbank official said. An agreement may be reached by the end of the month, he said. Meanwhile, Hyundai Oilbank is waiting for the government, which apparently finds the Iranian proposal 'acceptable,' to give it its official blessing, he said. A government official who asked not to be identified told Dow Jones Newswires earlier this week that government officials were leaning toward accepting the Iranian insurance proposal but that it was 'too early to say' whether it would be approved." (Nasdaq, "Iran Offers $1 Billion Insurance on Tankers to S Korea," 7/18/12)

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"South Korea became the first major Asian consumer of Iranian crude to announce a halt to imports after the government said they would be suspended from July 1 due to a European Union ban on insuring tankers carrying Iranian oil . . . Of South Korea's four refiners, only SK Energy and Hyundai Oilbank import Iranian crude. Sources said both refiners will stop importing from Iran when the EU insurance embargo takes effect from July 1." (Reuters, "South Korea to halt Iran oil imports as EU ban bites," 6/25/12)

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"South Korean refiner Hyundai Oilbank, a heavy user of Iranian crude, postponed its planned $2 billion initial public offering on Friday due to the euro zone crisis, and ahead of a pending suspension of Iran crude imports on western sanctions…'The withdrawal has been widely expected in the market. Hyundai will be dealt the biggest blow should Iran oil imports be suspended because it has the highest portion of Iranian oil imports among local peers,' said Lee Jeong-heon, an analyst at Hana Daetoo Securities…Hyundai Oilbank is South Korea's biggest Iran oil buyer, sourcing around 20 percent of its total imports from Iran, higher than the country's 2011 average of 10 percent." (Reuters, "Iran crude buyer Hyundai Oilbank drops $2 billion IPO plan," 6/15/12)

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"Last month, industry sources said the only other South Korean refinery that buys Iranian crude, Hyundai Oil Bank, would stop imports from June... SK Energy had agreed to import 130,000 barrels per day (bpd) of Iranian crude this year under a long-term supply deal, while Hyundai Oilbank had agreed to import 70,000 bpd." (Reuters, "Exclusive: South Korea poised to halt Iran oil imports from July: sources," 5/21/2012)
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"SEOUL, March 29 (Reuters) - South Korean refiner Hyundai Oilbank is delaying plans for an initial public offer worth up to $2 billion, partly on investor concerns over its links to Iran, sources said, the second big Asian IPO to be snagged by Western sanctions against Tehran. Hyundai Oilbank, a heavy user of Iranian crude, is controlled by Hyundai Heavy Industries which initially aimed to list it in South Korea as early as May but is now looking at the second half of the year, three sources with knowledge of the matter told Reuters on Thursday. The delay follows the postponement of another Iran-linked IPO planned for Hong Kong and reflects widening fallout from the U.S.-led sanctions against Iran." (Reuters, "Hyundai Oilbank to delay $2bln IPO amid Iran sanctions - sources" 3/29/12)
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"Hyundai Oilbank, the only other South Korean refiner that buys Iranian crude, will import 70,000 bpd in 2012, unchanged from 2011, a Hyundai spokesman said on Wednesday... Hyundai is making contingency plans for any disruption in the flow, the spokesman said." (Reuters, "S.Korea buys more Iran oil but eyes alternatives," 1/4/2012)
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"In 2009 Iran exported 81,446 bpd of crude to South Korea, 12 percent up versus the previous year, while maintaining its rank as South Korea's fourth-largest crude supplier after Saudi Arabia, the UAE and Kuwait, according to the data from Korea National Oil Corp. South Korea's top refiners which buy Iranian crude include SK Energy (096770.KS) and Hyundai Oilbank." (Reuters, Iran's crude export and fuel import customers, 4/13/2010)

"Kim Gyo-hyun, CEO of Lotte Chemical (011170.KS), South Korea’s No.2 petrochemical maker, told the Global Commodities summit he did not think oil prices would spike due to tighter sanctions because the world has much larger crude oil stocks than it did in 2012. “We are not short of oil,” he said." (October 2017)

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"Hyundai Oilbank Co , South Korea's smallest refiner by capacity, has bought its first Iranian condensate cargoes to prepare for trial runs at a new refining unit in its joint venture with Lotte Chemical, two sources with knowledge of the matter said on Friday. Condensate, an ultra-light form of oil, is mainly used to produce chemical feedstock naphtha. Hyundai's plant is one of several to come online across Asia and the Middle East, boosting demand for condensate. Hyundai bought two cargoes of about 1.1 million barrels loading in June and August ahead of the start-up of its new splitter, the sources said. The first cargo arrived last month and the second cargo is expected to arrive in early September along with 1 million barrels of Qatari condensate, they said. Hyundai Oilbank's joint venture with Lotte Chemical, known as Hyundai Chemical, is expected to start trial runs of the new 130,000 barrels-per-day splitter in Daesan on the country's west coast in August-September and to start commercial production in the fourth quarter, a company's spokesman said." (Reuters, "Hyundai Oilbank buys first Iranian condensate for new splitter - sources," 8/12/2016).

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“South Korea, Asia's largest buyer of condensate, will step up purchases of the ultra light oil from Iran by more than 50 percent in June, two sources said, as competitive pricing squeezes out rival oil from Qatar. While South Korea does not provide separate data on imports of condensate, traders said the expected June shipments from Iran of at least six million barrels, or 200,000 barrels a day, would be a record level. Iranian condensate imports could gain further momentum in the fourth quarter, if Iran clinches a deal with Hyundai Chemical to supply the company's new splitter. Talks between Hyundai Chemical and the National Iranian Oil Company (NIOC) on a term supply deal are under way, a third source familiar with the matter said. South Korea, the world's fifth-largest crude buyer, has more than doubled its oil imports from Iran in the first four months of this year to about 248,000 barrrels a day after Western sanctions on Iran were removed in January… Hyundai Chemical, a joint venture between Hyundai Oilbank Co and Lotte Chemical, could be Iran's next customer as it is due to start trial runs at a new 110,000-bpd splitter in Daesan on the country's west coast in August-September, trade sources said. Iran's South Pars Condensate (SPC) could make up more than half of the unit's feestock, one source said.” (Reuters, “South Korea's condensate imports from Iran to soar in June,” 6/9/2016)