Energy

“Galp Energia is now the only integrated group of oil and natural gas in Portugal, with activities extending from exploration and production of oil and natural gas, refining and distributing petroleum products, distribution and sale of natural gas and the generation of electricity” (Company website, “Galp Energia at a glance”).

---

“The largest oil company in Portugal is Petrogal, a wholly-owned subsidiary of Galp Energia, which is owned by the Portuguese government and a collection of international oil and gas operators. Petrogal controls the domestic midstream and downstream oil sectors in Portugal, and maintains modest production activities in Angola and Brazil” (Petrogal Profile, “Oil and Gas in Portugal Exploration and Production”).

---

"[Petrogal] is the sole refiner in Portugal with refineries at Oporto and Sines with a distillation capacity of 15.2 million tonnes a year. Petrogal products are marketed under the name GALP. The Petrogal Group includes more than 30 associates and subsidiaries” (Petrogal Profile, "Petróleos de Portugal - Petrogal SA (Petrogal) - Lisbon, Lisboa, Portugal").

---

As of April 2010, Petrogal imports 10 thousand barrels of crude oil per day from Iran. (Reuters, “Iran’s Crude Oil Buyers in Europe, Asia,” April 18 2010.)

---

"Portuguese energy company Galp (GALP.LS) is in talks to explore for oil in Iran, Foreign Minister Luis Amado said on Wednesday. 'For several months there have been conversations between Galp and the National Iranian Oil Company (NIOC) on joint exploration at a field in Iran,' Amado told reporters after meeting with this Iranian counterpart. Amado said the negotiations included both gas and oil" (Reuters, "Galp in talks with Iran on exploration deal-minister," January 23, 2008).

 

"Refiners including France’s Total, Italy’s Eni and Saras, Spain’s Repsol and Cepsa as well as Greece’s Hellenic Petroleum are preparing to halt purchases of Iranian oil once sanctions bite, the sources said....Hellenic had to stop imports because the Swiss bank that it used was no longer processing payments to Iran, an industry source familiar with the situation said." (6/6/2018).

--

In 2017 the U.S. state of South Carolina and Tennessee listed Hellenic Petroleum on its list of companies doing material business with Iran rendering Hellenic ineligible for investment and/or state contracting.

--

Subsidiary of Paneuropean Oil and Industrial Holdings

--

" Greece’s biggest oil refiner Hellenic Petroleum paid its first installment in June that amounted to €100 million." (June 2017)

--

Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia described the fresh round of negotiations between Iran and Greece adding “during the two-day visit to the European country, a Memorandum of Understanding (MoU) was sealed for meeting Hellenic Petroleum’s debt to Iran.” (January 25, 2016).

--

 "Greece's biggest oil refiner Hellenic Petroleum agreed on Friday to buy crude oil from Iran after negotiations with National Iranian Oil Company officials in Athens. The deal would make Hellenic Petroleum the first European refiner to restart trade relations with the Persian Gulf country after the lifting of international sanctions, Reuters reported." (January 2016) 

--

"Iran continues its quest for new crude buyers, especially in Europe, but its loyal customer base will continue to hinge on countries like India and China, whose demand for Iranian crude has observed a steady rise this year. Iran has found interest for its crude in some unusual places in the past few months as it continues it diversify its list of buyers. Earlier this month it agreed to sell 1 million barrels of crude oil to Hungary via Croatia as it seeks to widen its post-sanctions customer base, which now includes cargoes sold to oil major BP, France's Total, Greece's Hellenic Petroleum, Spain's Repsol and Cepsa, Russia's Lukoil, Poland's Grupa Lotos, Portugal's Petrogal and Italy's Saras and Iplom. Iran said it has held talks with Bosnia and Herzegovina this week as it hopes to expand its list of crude oil export destinations. However, its shipments to Asia remain the pillar of its export market." (Platts, "Analysis: Iran eyes new crude oil buyers, Asia remains linchpin," 11/1/2016).

--

“Founded in 1998, Hellenic Petroleum is one of the leading energy groups in South East Europe, with activities spanning across the energy value chain and in 11 countries. Its shares are primarily listed on the Athens Exchange (ATHEX: ELPE), and its market capitalisation amounts to about €2.2 billion” (Company Website).

---

"Iran has blocked oil sales to two Greek companies, Hellenic Petroleum and Motor Oil Hellas after they failed to make payment, Iranian state television reported on Thursday. The English-language television network, Press TV, reported that Greece's top refiner Hellenic Petroleum and Motor Oil Hellas were barred from purchasing Iranian crude after they defaulted on their purchases. On Tuesday, a senior source at Hellenic Petroleum told Reuters the refiner had suspended purchases of Iranian crude because sanctions imposed by the Untied States and the European Union made it impossible to meet its oil payments." (Reuters, "Iran cuts oil to Greek firms over payment problems-Press TV," 4/5/2012)

  

---

"Greece's largest company, Hellenic Petroleum operates four refineries: at Aspropyrgos, Elefsina, and Thessaloniki in Greece and Skopje in Macedonia. It also operates about 1,525 gas stations in Albania, Bulgaria, Cyprus, Georgia, Greece, Montenegro, and Serbia. It has 1,200 gas stations in Greece (23% of the retail market). Its other businesses include petrochemical production, oil and gas exploration, and infrastructure development. Hellenic Petroleum is owned by Paneuropean Oil and Industrial Holdings S.A. (35.89%) and the Greek government (35.5%)" (Company Profile, “Hellenic Petroleum S.A.,” Hoovers, 2010.)

---

As of April 2010, Hellenic Petroleum imports 60 thousand barrels of crude oil per day from Iran. (Reuters, "Iran’s Crude Oil Buyers in Europe, Asia,” April 18 2010.)

---

According to Greece’s Ministry of Foreign Affairs, “The Hellenic Petroleum Company has been cooperating with Iran for many years in the crude oil sector” ( Ministry of Foreign Affairs, “Bilateral Relations Between Greece and Iran,” December 2008).

 

 

On June 30, 2020, the Mississippi Department of Finance & Administration identified Tupras as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran.” 

--

Turkish oil importer TÜPRAŞ, which has imported some 100,000 tons of crude oil from Iran according to the provisional data for April, will cut its oil imports from the country completely. It is said that its new crude oil route may be from countries such as Iraq, Russia and partly Saudi Arabia. (5/8/2019)

--

"Turkey's Tupras reduces Iranian crude purchases as U.S. sanctions loom." (7/20/18)

--

In 2017 the U.S. state of Mississippi listed Tupras on its Iran scrutinized list rendering Tupras ineligible for investment and/or state contracting.

--

 

In 2016 and 2017 Tennessee used the South Carolina list of "Entities Ineligible to Contract with the State of South Carolina or any Political Subdivision of the State per the Iran Divestment Act of 2014, S.C. Code Ann." as its list of persons it determines engage in investment activities in Iran. Aban Offshore was included on this list in 2016. "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list."

--

In 2015 Tupras was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because the company's "involvement in purchases of crude oil falls uner the waivers granted by the U.S. government that meet Section (a)(2) of Act 44's expiration clause."
--

Tupras is a subsidiary of Koc Holding.

--

"In November 2013, the US State Department extended six-month Iran sanctions waivers to Turkey, among other countries, in exchange for their reduced purchases of Iranian crude oil earlier this year. Under the Geneva accord signed that month, the U.S. and five other countries agreed to suspend efforts to further reduce Iran's crude oil sales, allowing consuming countries to continue buying their 'current average amounts of crude oil'. In 9M13, Iraq became Tupras's principal crude oil source by supplying nearly 28% of its crude oil, while Iran supplied 25% of Tupras's total crude, down from 45% in 2011. Tupras's favourable location and coastal refineries give it access to a variety of crude sources.” (Reuters, “RPT-Fitch affirms Tupras at 'BBB-'; outlook stable,” 1/15/14) 

--

In 2014, Tupras was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of oil-related investment of US $20 million since 1996.

--

“Tupras Turkiye Petrol Rafinerileri AS (TUPRS), Turkey’s only oil refiner, will cut imports of crude oil from Iran this year 22 percent to 5.6 million tons, or 105,000 barrels a day, to comply with sanctions. The U.S. extended exemptions to sanctions against Iran’s nuclear program to countries dependent on Iranian crude for another six months from June, Tupras Chief Executive Officer Yavuz Erkut said yesterday. Iran is Turkey’s largest supplier.  ‘We have diversified crude oil sources and the decrease in Iran supplies is being compensated for by purchases from Saudi Arabia and Iraq,’ he said. Iraq supplied 3.8 million tons in 2012 while Saudi Arabia 2.8 million tons, he said.” (Bloomberg, “Turkey Will Cut Imports of Iranian Crude 22% to Meet Sanctions,” 6/28/13) 

--
"Tupras, Turkey's sole oil refiner, will extend purchases of crude oil from Iran when the company's contract expires in August but won't increase imports, Energy Minister Taner Yildiz said... Yildiz said Tupras, which is controlled by Turkey's biggest company Koc Holding, will continue to buy the same amount it has been under the exemption." (Reuters, "Turkey's Tupras to extend Iran oil purchase contract," 1/7/2013)

--

"Around 200,000 barrels per day (bpd) of Iranian crude oil were discharged at the import terminals Aliaga and Tutunciflik for Turkey's sole refiner Tupras, data from a shipping source and AIS Live ship tracking on Reuters showed. Tupras used two Iranian tankers to bring Iranian crude from storage at the Egyptian port of Sidi Kerir. The port is the end-point of the Sumed pipeline, an alternative route to the Suez Canal for oil shipments coming into the Mediterranean from the Red Sea... Tupras is wholly reliant on Iranian-owned tankers as they are still unable to insure their own vessels. 'Right now they cannot carry any Iranian oil with their own tankers, that problem is still not solved,' said a Turkey based shipping source close to Tupras." (Reuters, "Turkey's Iranian oil buying jumps in August," 9/4/2012)

 

--

"Tupras Petrol Rafinerileri AS (TUPRS), Turkey’s sole refiner, said net income plunged 47 percent in the second quarter, missing estimates, as Iran oil sanctions shrank its refining margins... Tupras cut oil purchases from Iran in the second quarter as the U.S. and Europe planned sanctions against the Persian Gulf country... 'Refineries’ production costs have increased because of Iranian sanctions,' Tupras said in an e-mailed statement. Inventories lost value as oil and product prices fell, while rising natural gas boosted production costs, which also contributed to narrower refining margins, the company said... Tupras said Aug. 14 that its net refining margin fell to $3.65 a barrel compared with a second-quarter Mediterranean regional benchmark of $5.73 a barrel and from $4.34 in the same period last year. Production fell 0.6 percent in the first half of this year, the company said at the time... Tupras aims to make products with a low sulfur content such as diesel and gasoline from higher-content products such as fuel-oil through a so-called residuum upgrade project. Tupras spent $584.5 million on the project in the first half of this year, carrying out about a quarter of the $2.4 billion project, which is scheduled for completion by 2014, it said. Tupras is cutting oil purchases 20 percent from Iran, after signing a contract in August 2011 to buy 9 million metric tons, or 180,000 barrels a day, of crude for a year. Iran’s share of Turkish crude oil imports dropped to 37 percent in June from 50 percent in May and 66 percent in April, according to data from Turkey’s energy market regulator. Turkey imported 1.87 million tons of crude from all nations in June, it said." (BusinessWeek, "Tupras Quarterly Profit Drops 47% on Iran, Missing Estimates," 8/28/12) 

--

"Turkey's sole refiner, Tupras, has been forced to lift even less Iranian oil than it had itself promised to the West as EU measures have stopped European firms, which dominate the marine insurance sector, from offering cover on Iranian crude... Tupras has been compensating for the lower Iranian volumes with Russian and Iraqi medium sour grades as well as Nigerian and Libyan light sweets." (Reuters, "Turkey's Iranian oil buys hit new low in July," 8/13/12"

"Turkey is struggling to import Iranian oil in July because of Western sanctions on ship insurance, trading and shipping sources told Reuters, leaving Tehran battling to sell oil now stuck in storage tanks in Egypt.

Turkey, which relies on Iran for half its crude needs, has already cut imports of Iranian oil by a fifth from average levels of 2011 to win waivers from U.S. sanctions.

But volumes will now likely fall much steeper as Turkish main refiner Tupras cannot import Iranian oil on Turkish tankers after European Union sanctions against Tehran stopped the region's firms, which dominate the marine insurance sector, from offering cover on Iranian crude.

'Tupras was lifting Iranian crude with its own tankers up until July... This is no longer possible... They are now focusing more on lifting from Libya, Saudi Arabia and Iraq with its tankers,' said a Turkey-based shipping source." (Reuters, "Iranian oil stuck in Egypt as Turkey cuts imports," 7/13/12)

--

 

"Turkey's crude oil imports from Irandropped by more than 35 percent in May from April as it steps up efforts to ensure the United States waives sanctions on its imports of Iranian oil for the remainder of this year…Turkey's only crude buyer, refiner Tupras, has a term contract with Iran that expires in August, which allows it to lift 180,000 bpd.

Tupras said in early June that it would lift around 140,000 bpd as of May and planned the same amount for June and July.

In the first five months of this year, Iran accounted for nearly 57 percent of Turkey's total crude imports." (Reuters, "Turkey slashes Iranian oil imports in May," 6/29/12)

--

"Turkey's sole refiner Tupras has cut imports of Iranian crude by 20 percent, Turkish Energy Minister Tamer Yildiz said.

Yildiz said Turkey would continue to source 'a certain amount' of crude from its neighbour Iran but would compensate for the reduction by taking more from Saudi Arabia and Libya.

Speaking to reporters at the St Petersburg Economic Forum he said Turkey was settling oil payments to Iran in Turkish lira."  (Reuters, "Turkey says cuts Iran oil imports by 20 pct," 6/22/12)

--

"Washington granted Turkey a 180-day exception from financial sanctions as a result of the initial cut made by Tupras, Turkey's sole refiner and a unit of Koc Holding. 'So Turkey now has 180 days, Tupras has 180 days to take a look at its oil situation to decide - can it reduce further, can it get to zero? - what it needs to do,' [a] diplomat said . . . Halkbank will be able to make payments to the Iranian Central Bank for oil shipments to Tupras without fear of being blacklisted by the United States. After the 180 days, the U.S. diplomat said, Washington will be looking for Tupras to make a further significant cut, without specifying how much . . . The diplomat told reporters the grace period, starting on June 11, should give Tupras time to find other suppliers and make the technical adjustments needed to handle a different mix of crude, noting that Tupras's contract with Iran ends in August." (Reuters, "U.S. presses Turkey to cut more Iranian oil imports," 6/12/12)

--

"Iran's trading partners are looking for ways to avoid being hit by U.S. sanctions on Iranian oil transactions that take effect mid-year, with Turkey looking for other suppliers, India exploring options and smaller Asian countries arguing their imports from Tehran are tiny. Turkey, the fifth-largest buyer of Iranian oil, has committed to reduce its crude from Tehran by 10 percent and the country's only refiner, Tupras, a unit of Koc Holding , has pledged to cut imports by 20 percent... Twelve other countries could eventually be subject to U.S. sanctions by the end of June. A number of Asian countries, including South Korea, Singapore and Taiwan, are on Washington's watch list." (Reuters, "Iran's trade partners act toavoid U.S sanctions," 4/22/12)

--

"The United States Sunday welcomed Turkey's decision to reduce its purchases of oil from neighbouring Iran by 20 percent.  "I was encouraged to hear Turkey's announcement that it will significantly reduce crude oil imports from Iran," US Secretary of State Hillary Clinton told a press conference in Istanbul where she attended a "Friends of Syria" conference.  "We certainly welcome that announcement," she added.  Turkey's national oil company Tupras Friday said it had cut its purchases of oil from Iran by 20 percent as western nations tighten sanctions against Tehran over its nuclear programme" (AFP, "US welcomes Turkey cutting Iran oil imports," 4/1/12)

--

"Turkey will reduce the amount of oil it buys from Iran by around 10 percent, Energy Minister Taner Yildiz said on Friday, a week after Washington warned Iran's customers they could be subject to U.S. sanctions unless they significantly cut purchases. Turkey will partly replace the oil with 1 million metric tonnes it expects to buy from Libya, Yildiz told reporters... Turkey imports around 200,000 barrels per day of oil from Iran, representing 30 percent of its total imports and more than 7 percent of Iran's oil exports... Turkey's sole refiner Tupras, a unit of Koc Holding, said in a statement to the Istanbul stock exchange that it would cut its purchases of Iranian crude by 20 percent. Tupras is the main Turkish customer, currently buying some 30 percent of its crude oil from Iran, and it has an 9 million tonnes annual purchase contract." (Reuters, "Turkey to cut Iran oil imports, bows to U.S. pressure," 3/30/12)

--

"Turkey will seek a waiver from the United States to exempt its biggest refiner Tupras from new U.S. sanctions on institutions that deal with Iran's central bank, a Turkish energy ministry official told Reuters on Wednesday... U.S. ally Turkey gets about 30 percent of its oil from neighbour Iran, and Tupras - Turkey's biggest crude oil importer, owned by its largest conglomerate, Koc Holding - is a big buyer of Iranian crude... Turkey's Energy Minister Taner Yildiz said Tupras will continue to buy oil from Iran 'until there is a new development'. 'Iran is one of the countries Tupras imports oil from. We have not received information on the new sanctions. Tupras continues to buy oil today,' Yildiz told reporters." (Reuters, "Turkey to seek US waiver on Iran oil -energy official," 1/4/2012)

--

"Turkey's biggest crude oil importer Tupras has renewed its annual deal to buy crude oil from Iran for 2012, at almost the same volumes as this year, industry sources familiar with the matter said. They said Tupras had no plans for now to purchase extra amounts from the Islamic Republic... But industry sources said Tupras had no such plans, at least for now. 'I don't think there is such an intention right now,' one trading source said. 'Tupras has become much more commercial since its privatisation. If Iranian crude makes economical sense, they might take on more, if not they wouldn't, as simple as that,' he added... Tupras purchased 7.41 million tonnes of crude oil from Iran in 2010, according to a presentation on its website, which makes up for almost 38 percent of the 19.6 million tonnes of crude it refined in 2010... Another industry source said the amount that Tupras agreed to buy for 2012 was 'more or less the same' with that of this year's, which falls in line with the analysts' expectations. Tupras is Turkey's sole refiner with a total capacity of 28.1 million tonnes in four refineries. Since its privatisation bid in 2005, it is owned by Turkey's largest conglomerate Koc Holding." (Reuters, "Turkey's Tupras renews annual Iran crude oil deal," 12/21/2011)

--

"Open sources reported that Tupras sold gasoline to Iran in 2010.... [It] notified GAO that it stopped selling gasoline to Iran in July 2010, following the announcement of U.S. sanctions against Iran on July 1, 2010." (U.S. Government Accountability Office, Report: "Firms Reported in Open Sources to Have Sold Iran Refined Petroleum Products between January 1, 2009 and June," September 3, 2010)

--

"Tupras, Turkey's sole refiner, purchases about a third of its crude from neighbouring Iran. In June, Turkey provided about half of Iran's gasoline needs, but sales last month dropped 73 percent to $25.6 million, equivalent to about one cargo, as sanctions against Iran took effect... 'In the current situation, sales of petroleum products to Iran are not being made. Therefore, there is no possibility that our company will face any kind of sanctions,' Tupras said." (Reuters, “UPDATE 2-Tupras Q2 net misses forecast, no Iran sales,” 08/23/10)

--

“Operating four oil refineries, with a total of 28.1 million tons annual crude oil processing capacity, Tüpraş is Turkey’s largest industrial enterprise. In addition, a 50,000 ton capacity petrochemical production facility, a majority stake (79,98 %) in shipping company DİTAŞ and 40% share ownership of petrol retailer Opet, creates synergies and adds value to the operations. The roots of Tüpraş, an integrated petroleum company with a large market share, corporate reliability, production complexes and affiliates, dates back to İPRAŞ (İstanbul Petrol Rafinerisi A.Ş.) founded by the U.S. Caltex Company. In 1983, İPRAŞ and three other publicly owned refineries were brought under the Tüpraş umbrella by arrangements made for a more effective operation of State Economic Enterprises” (Company website, "About Tupras")

---

An article on recent further impacts of the sanctions on Iran reports, "Only three cargoes of gasoline have so far reached Iran in July, according to a shipping document seen by Reuters, much less than the seasonal norm, as new sanctions cause ships carrying fuel to be diverted."  "The document seen by Reuters showed only three cargoes of gasoline had arrived this month and were supplied by Turkish refiner Tupras and Unipec, the trading arm of China's Sinpoec." ("Iran Fuel Imports Nosedive as Sanctions Bite," Reuters, July 26, 2010).

---

Following new U.S. sanctions against Iran in July 2010, Tupras is supplying Iran with about half of its gasoline imports: "Iran is depending more on friendly powers in the international arena for fuel supplies after the U.S. passed far-reaching sanctions a week ago that aim to hinder Tehran's fuel imports and deepen its international isolation.  The Islamic Republic is buying around half of its July gasoline imports from Turkey and the rest from Chinese sellers, oil traders said on Thursday, as most other suppliers have stopped selling due to the U.S. sanctions.  Turkish refiner Tupras began supplying gasoline to Iran in June after a hiatus of at least 18 months, trade sources said, just days after Turkey and Brazil brokered a nuclear fuel swap plant with Tehran designed to quell international fears over the Islamic Republic's atomic ambitions."  "Iran would import around 90,000 barrels per day (bpd) of gasoline in July, steady from June, oil traders said. It would take around nine cargoes, four or five of them from Turkey and the rest from Chinese sellers, they said."  "The limited pool of suppliers was driving up the cost of gasoline for Iran and making it harder for the Islamic Republic to buy the quantities it needs, traders said.  "These restrictive measures mean it is getting very serious for Iran," said Mehdi Varzi, a London-based energy consultant. "The oil market is a big market, and they will always find suppliers, but it is getting more difficult and it is costing more."  "Two of the gasoline cargoes coming from Turkey were scheduled to load from Turkish refiner Tupras' Izmit refinery, while two or three were scheduled to load from Tupras' Izmir refinery, sources said. The cargoes would be loaded load onto ships owned by the state energy giant National Iranian Oil Company (NIOC), they added.  A Tupras spokeswoman was not immediately available for comment on Thursday" (Webb, Simon, "Iran relies on friendly powers for fuel supplies," Reuters, July, 8 2010).

---

"Turkey buys 10 billion cubic metres of gas annually from Iran, which meets about 30 percent of Turkey's domestic needs. Iran is set to receive its first shipment of gasoline from Turkey in at least 18 months in June, industry sources have said.  "Iran supplied Tupras with 3.2 million tonnes of crude in 2009, down from 7.5 in 2008 and 8.86 in 2007, according to a Tupras investor presentation. That makes Iran Turkey's second-biggest supplier after Russia (5.48m T in 2009, 6.57m T in 2008, 9.06m T in 2007)" (“Turkey's economic relations with the Middle East,” Reuters, June 24 2010).

---

As of April 2010, Tupras imports 63 thousand barrels of crude oil per day from Iran. ("Iran’s Crude Oil Buyers in Europe, Asia," Reuters, April 18 2010.)
 

Marubeni Corporation is listed on the March 1, 2022 Report to the New Jersey Legislature Iran Divestment as a prohibited company.
 

--

Marubeni lists an office in Tehran, Iran on its company website. 

--

Tehran Oil Refinery has signed a memorandum of understanding with two Japanese companies, JGC Corporation and Marubeni Corporation, on enhancing gasoline quality and quantity as well as reducing mazut output, the refinery’s managing director said. (May 7, 2018)

--

In 2018 the U.S. state of Iowa listed Marubeni as an Iran restricted company rendering Marubeni ineligible for investment and/or state contracting.

--

In 2017 the U.S. state of Michigan, South Carolina, Tennessee listed Marubeni as an Iran restricted company rendering Marubeni ineligible for investment and/or state contracting.

--

"According to the official, talks are underway with multinationals, namely Italy's Tecnimont, China's Sinopec, Japan's Marubeni, JGC Corporation, JX Nippon Oil & Energy and South Korea's Daelim, to fund the ventures." (October 2017)

--

"Japanese traders including Marubeni Corp and Sumitomo Corp that stopped buying Iranian oil during western sanctions are looking to resume imports, potentially by year-end, industry sources said. Conservative Japanese firms have so far held off taking Iranian crude due to a lack of internationally acceptable insurance coverage, but are looking at ways of using cover provided by the Japanese government, the sources said. The traders seeking to restart purchases together imported around 50,000 barrels per day (bpd) of Iranian oil before sanctions were imposed and renewed purchases would give a boost to Tehran's aim of increasing its exports to 4 million bpd..." (Reuters, "Some Japan trading houses eye resuming Iran oil imports - sources," 10/19/2016).

--

Iran says Japan has agreed to fund the development of some of its petrochemical projects – a groundbreaking move that could open the way for similar funding mechanisms for other sectors in the future. Iran’s Ministry of Petroleum announced in a statement that a deal has been signed between the country’s Persian Gulf Petrochemical Industries Company (PGPIC) and Japan’s Marubeni to provide as much as €320 million for the development of PGPIC’s petrochemical projects, IRNA reported. This, the Ministry added, will be carried out through a mechanism known as the Usance Letter of Credit (L/C). (Press TV, "Iran, Japan seal deal to fund petchem plans," 9/25/2016).

--

“Marubeni Corp. and Mitsubishi Corp., both with headquarters in Japan, are also interested in working on refinery projects in Iran.”  (Bloomberg, “Iran Plans Oil-Refinery Expansion to Cut Gasoline Imports,” 6/12/2016). 

--

“General Manager of Japan’s Marubeni Corporation Masahiro Yamada has announced that his company is in talks with Iranian officials on modernizing the technologies for producing methanol.”  (Iran-Daily, “Japan to modernize methanol technology in Iran,” 12/15/2015).

--

Managers of Japanese companies Marubeni Power System, Hitachi and Mitsubishi had visited Iran to hold talks with Iranian officials about their presence in Iran’s electricity market.  (Fars News, “Managers of Japan’s Giant Power Plant Constructors Arrive in Iran for Investment,” 10/20/2015).  

--

In 2014 Marubeni was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because the company clarified its involvement and no longer met the $20 million purchasing threshold. 

--

Marubeni Corporation is a trading company “involved in the handling of products and provision of services in a broad range of sectors. These areas encompass importing and exporting, as well as transactions in the Japanese market, related to food, textiles, materials, pulp and paper, chemicals, energy, metals and mineral resources, transportation machinery, and includes offshore trading. The Company's activities also extend to power projects and infrastructure, plants and industrial machinery, real estate development and construction, and finance, logistics and information industry. Additionally, Marubeni conducts business investment, development and management on a global level” (Company Profile).

Marubeni has “55 overseas branches & offices and 32 overseas corporate subsidiaries with 63 offices for a total of 118 offices in 71 countries/areas” (Company Profile).

---

Marubeni lists contact information for its office in Tehran, Marubeni Iran Co., Ltd. (Company website, “MIDDLE EAST Our Company Marubeni Corporation”)

--

In 2013, Marubeni was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of government oil-related activity. 

---

Marubeni-Itochu Steel, a joint venture between Marubeni and Itochu, lists an office in Tehran on its website. (Marubeni-Itochu website)

---

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

---

"China's Sinopec Group and Japan's Marubeni Corp (8002.T) will work together to see contracts worth over $1 billion in the next five years to build refineries and petrochemical plants, Chinese media said. SEI, Sinopec's engineering unit, recently entered energy infrastructure contracts in Iran and Saudi Arabia, the report said, without giving further details." (Reuters, "Marubeni, Sinopec jointly seek $1 bln deals," July 13, 2010)

--

"Marubeni has formed a consortium with South Korea's largest rolling stock manufacturer, Rotem Company (Hyundai Motor Group), to win an order worth about 110 million euro (about 15 billion yen) for 120 Diesel Multiple Unit (DMU) cars from Irankhdro Rail Industries Company (IRICO), and signed the contract on November 1."

"Under this contract, the design and production of the rolling stock and the transfer of technology to IRICO will be carried out by Rotem Company, while, as consortium partner, Marubeni will take charge of the commercial task & functions , including accounting & legal support, local procurement back-up and finance & payment facilitation."

"Marubeni has 40 years experience in Iran, particularly with the Islamic Republic of Iran Railway , in areas such as the supply of signal systems and the delivery of diesel locomotives, and is held in high esteem by the Iranian counterparts."

"The DMUs to be delivered under this contract are intended for the use by the Tehran Suburban Railway by Raja Passenger Company (Passenger Trains Company that is a wholly owned subsidiary of the Islamic Republic of Iran Railway ) and comprise 24 complete cars, 24 cars for on-site assembly and 72 cars for on-site production. The transfer of technology to IRICO is also included in the scope of work."

"IRICO is a company set up by Iran's largest car maker, Irankhodro, to enter into railcar production business, which is currently burgeoning in Iran against a backdrop of fast population increase in urban areas, and this contract marks IRICO's first project."

"As the future demand for rail vehicles for suburban rapid passenger transportation and urban rail transit looks firm and steady in Iran, Marubeni plans to expand its business for urban and suburban passenger rail vehicles by lining-up various type of rail vehicles on offer and co-operating Iranian customers and partners in the field of technology transfer and local production" (Marubeni News Release, "Series of Large Orders Won in Railroad Projects for Iran," Nov 4, 2004).

---

In 2004, Marubeni began dealings with a major Iranian petrochemical company: "Mitsubishi Corp. and two other Japanese trading companies signed initial agreements to buy petrochemicals that may be worth more than $1 billion from Iran Petrochemical Commercial Co., said Mohamad Ehtiati, chairman of the Iranian company.

"It's a new stage of the relationship for Japan and Iran,'' Ehtiati said in an interview last Friday in Tokyo after attending an oil conference.

Iran's National Petrochemical Co. is spending $32 billion to build plants as part of a 10-year plan to boost economic growth and get more value from the nation's oil resources. Iran Petrochemical, the trading unit of National Petrochemical, plans to sell ethylene and other products worth $25 billion by 2014. Liquefied Petroleum Gas output may rise to 7 million tons by 2010 from the current 2.2 million tons a year.

"There have been business talks with Iran Petrochemical and there has been some interest on the Marubeni side,'' said Tsutomu Honda, a spokesman at Marubeni Corp. The talks haven't resulted in any legal obligations, he said.

"The initial agreements known as memorandums of understanding signed by Mitsubishi, Mitsui and Marubeni will lead to shipments of at least 4 million metric tons over five years starting in 2005, Ehtiati said." (Bloomberg,  "Japan May Buy $1 Bln of Iran's Chemicals, Iranian Official Says," March 3, 2004).

 

"Japan's second largest refiner Idemitsu Kosan said Feb. 8 it is yet to consider resuming Iranian crude oil imports, despite the recent US move to grant some sanctions relief to Tehran's civil nuclear program.

"At this moment, we do not have any plans to resume [imports of] Iranian crude oil," Yoshitaka Onuma, general manager of Idemitsu Kosan's finance department, told an online earnings press conference." (SP Global, "Japan's Idemitsu Kosan yet to consider resuming Iran oil imports," 2/8/2022). 

--

On June 30, 2020, the Mississippi Department of Finance & Administration identified Idemitsu as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran.” 

--

"Oil refiner Idemitsu Kosan told employees to refrain from business trips to Iran, Saudi Arabia, Egypt and Israel. The company has lifted those countries to the second of its three categories for risky destinations." (RT, "Japanese companies pull staff out of Iran, ban Middle East travel," 1/9/2020).

--

Idemitsu is listed as a partner of the Iranian firm, Chagalesh Consulting Engineers (“Chagalesh”).  (Chagalesh Website, “About”).

--

* Japan’s No.2 oil refiner Idemitsu Kosan Co is not expecting any supply disruption as it is getting alternative supplies from the Middle East and others to replace sanctions-hit Iranian oil, an executive said on Wednesday. (Reuters, 5/15/2019).

--

According to publicly available shipping information, Tanker NISSHO MARU (IMO: 9264881), owned and operated by Idemitsu Kosan, called at an Iranian port in February 2019.

--

"Japan's Idemitsu to resume Iran crude oil purchase, Cosmo undecided for more intake." (SPGlobal, 2/14/2019).

--

"If payments to Iran cannot continue after a 180-day “wind-down period” ending on Nov. 4, it is possible that Japanese buyers of Iranian oil will have to make their last order for Iranian oil in August for September-loading cargoes, said Takashi Tsukioka, who is also chairman of Japan’s second-biggest refiner, Idemitsu Kosan Co." (June 22, 2018)

--

In 2017 the U.S. state of Mississippi, South Carolina and Tennessee listed Idemitsu Kosan on its Iran prohibited companies list rendering Idemitsu Kosan ineligible for investment and/or state contracting.

--

Japanese refiner Idemitsu Kosan said it intends to persuade its founding family, the largest shareholder, to agree to go ahead with a planned merger with another major refiner Showa Shell, stressing that it does not expect any damage to the entity's relationship with Iran and Saudi Arabia. (July 2016)

--

Idemitsu Kosan is listed as one of the companies that, in June 2016, is chartering vessels to transport and sell Iranian oil.  (Reuters, “As Iran's oil exports surge, international tankers help ship its fuel,” 6/6/2016)  

--

In 2016 Tennessee used the South Carolina list of "Entities Ineligible to Contract with the State of South Carolina or any Political Subdivision of the State per the Iran Divestment Act of 2014, S.C. Code Ann." as its list of persons it determines engage in investment activities in Iran. Idemitsu Kosan was included on this list in 2016. "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list."

--

In 2015 Idemitsu Kosan was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because the company's "involvement in purchases of crude oil falls under the waivers granted by the U.S. government that meet Section (a)(2) of Act 44's expiration clause."
--

“Japanese refiner Idemitsu Kosan Co said it will buy either no crude or a maximum of one cargo from Iran in the year through March 2015, a move that could keep at bay any potential U.S. pressure over oil shipments from the Islamic republic. Idemitsu, Japan's third-largest refiner, bought one cargo in the year through March this year, Taiji Hashidoko, manager of Investor Relations Office, said on Friday at an earnings briefing. He declined to reveal the volumes. One Middle East cargo is usually around 600,000 barrels, and Idemitsu has cut its Iranian crude volume for the year ended in March to around 2,000 barrels per day (bpd) from less than 10,000 bpd a year earlier, an industry source familiar with the matter said. ‘(Iran crude) accounts for less than 1 percent of our firm's purchase of crude,’ Hashidoko told reporters on the sidelines of its earnings announcement for the just ended business year. ‘It is not that we are currently considering active dealings with Iran.’ Idemitsu, which sold 516,000 bpd of oil products globally in the year ended March 31, did not reveal how much crude it bought during the business year. Hashidoko added that he has not yet received information that the company has extended an annual Iranian crude contract for this fiscal year, and added it would engage flexibly in dealing with Iran based on the policy of the Japanese government.” (Reuters, “Japan Idemitsu to buy no more than 1 Iran crude cargo this year,” 5/2/14)

--

“Two Japanese buyers of Iranian crude, Idemitsu Kosan and Cosmo Oil, are unlikely to raise imports from the Middle Eastern country even after sanctions were eased as part of an initial deal on Tehran's disputed nuclear programme. Executives with the two refiners said on Tuesday they have no plans to increase their contract volumes following the November deal between world powers and Iran that allowed Tehran to keep oil exports at around 1 million barrels per day (bpd), about half of pre-sanction levels…Idemitsu has already cut its Iranian crude contract volume for the year ending March 31 to 5,000 barrels per day (bpd) from 7,000 bpd a year ago, but it has no plans to halt its Iranian imports and end its decades-old relationship with Tehran. The reduced amount is the minimum level for purchases to make commercial sense, Idemitsu President Takashi Tsukioka told Reuters at a New Year gathering for Japan's oil industry." (Reuters, “Japan's Idemitsu, Cosmo unlikely to raise Iranian crude imports,” 1/7/14)

--

In 2013, Idemitsu Kosan was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of Government related oil activity. 

--

"Japan will load its first Iranian crude cargo backed by sovereign guarantees since sanctions disrupted coverage in the international reinsurance market.

JX Nippon Oil & Energy Corp. and Idemitsu Kosan Co. will load about 1.7 million barrels of Iranian crude on the very large crude carrier Ryuho Maru on about July 20 at Kharg Island, the country’s biggest oil-export terminal, according to three officials from the refiners and Japan’s trade ministry. The tanker, owned by Iino Kaiun Kaisha Ltd. , will be backed by the Japanese state, they said, asking not to be identified because the information is confidential.

Japan’s Iranian crude imports will fall in July because refiners were unsure whether the sovereign insurance would be available when they planned July-loading schedules last month, the officials said. Japan’s parliament passed a bill on June 20 to provide $7.6 billion of guarantees to tanker owners that carry Iranian oil. European Union sanctions, introduced as an attempt to persuade Iran to halt its nuclear program, took effect July 1." (Bloomberg, "Japan Set To Load First Iran Crude With Sovereign Insurance," 7/13/12)

--

"Japanese oil refiner Idemitsu Kosan Co has renewed its annual crude oil purchase deal withIran but cut the volume in line with its peers to comply with U.S. sanctions against the Islamic nation, industry sources said on Friday... Idemitsu had a term Iranian crude contract worth about 7,000 barrels per day for the financial year that ended in March, the sources estimated. The volume had been cut for the new contract but the size of the cut was unclear, they said. Idemitsu Chairman Akihiko Tembo said in March that the Japanese government probably wanted his firm to continue cutting Iranian crude imports at the same rate as previously, which was by 10 to 20 percent a year... Idemitsu does not release its crude import volumes, but it processed 27.7 million kilolitres (476,000 barrels per day) of crude in 2011/12, a spokesman said. If the imports were the same as its crude refining, the company's Iran imports would be equal to 4,760-9,520 bpd. Idemitsu has four refineries in Japan with total crude refining capacity of 640,000 bpd." (Reuters, "Japan's Idemitsu renews Iran oil deal, cuts volume," 5/22/2012)

--

"Japanese refiners will cut Iranian crude imports yet again in April as they shy away from renewing annual contracts, showing continued commitment to U.S.-led sanctions over Tehran's nuclear programme.  Japan, the world's third largest oil consumer, has strongly backed calls to cut Iranian oil imports and earlier reductions were hailed by its top business and military ally, the United States, as an example to other countries...JX Nippon Oil & Energy Corp, Japan's biggest oil refiner, has not renewed a contract to buy 10,000 barrels per day (bpd) of Iranian crude, which expired in March, the sources said, declining to be identified as they are not authorised to talk to the media.  Apart from JX, at least three other Japanese firms, including Idemitsu Kosan Co and Cosmo Oil Co, which together buy around 40,000 barrels per day, will not lift any Iranian crude in April, industry sources said. These three do not lift Iranian oil every month."  (Reuters, "Japan refiners deepen Iran crude import cuts,"  4/4/12)

--

"At least three Japanese firms including two oil refiners will not lift any Iranian crude in April as the third-biggest buyer of Iranian oil comes under pressure from the United States to curtail purchases, industry sources said on Monday.  Japan has been cutting Iran imports even as its imports have been rising on demand related to reconstruction and the switching off of all but one of its nuclear reactors following the March 2011 earthquake and Fukushima nuclear disaster.  The cut in Iranian crude imports comes at a time of lower demand in Asia as refiners shut their units for maintenance in the second quarter.  Japan's third-biggest refiner, Idemitsu Kosan Co, which lifted about 7,000 barrels per day (bpd) of Iran crude up to the end of March, is seen as one of the refiners that could cut the purchases as it has not yet renewed its annual contract with Iran, sources familiar with the matter said." (Reuters, "Some Japan firms to skip Iran crude buying in April," 4/2/12)

--

"Some processors, including Japan’s Idemitsu Kosan Co. and Taiwan’s CPC Corp., have cut the amount they buy from Iran." (Businessweek, "Asian Refiners Seek Iran Oil Alternatives on Disruption Threat," 1/6/2012)

--

Idemitsu Kosan Co. engages primarily in oil refining and petroleum products, producing and sells oils, petroleum products and petrochemicals. (Company Website "About Idemitsu")

---

Idemitsu Kosan Co. is Japan's second-largest petroleum refiner. (Bloomberg, “Idemitsu Raises 109.4 Billion Yen in Oil Refiner IPO (Update2),” October 16, 2006.)

---

Fortune Global 500 2008 ranks the company as the 262nd largest company in the world by revenue. (Fortune Magazine, "Global 500 2008: Industry: Petroleum Refining," July 21, 2008.)

---

As of April 2010, Idemitsu Kosan imports 12 thousand barrels of crude oil per day from Iran. (Reuters, "Iran’s Crude Oil Buyers in Europe, Asia," April 18 2010)

---

On the company website, Tehran is marked on a map of global offices in the Middle East. (Company website, “Global Offices - Middle East”)

In December 2020 and January 2021, in two separate incidents, UANI alerted Maersk that their tankers were about to take on oil whose origin in Iran had been concealed. Maersk thereby halted the STS transfers. (Reuters, "Shipping Industry seeks to combat dark oil transfers at sea," July 13, 2021).

--

“A.P. Moller-Maersk has changed the route its ships sail through the world’s busiest transit lane for seaborne oil shipments, citing safety concerns amid a rapid series of escalations between the U.S. and Iran. We have multiple assets, ships (and) people, crossing the Strait of Hormuz every day, every week. So far, we have not stopped serving the area (but) we have changed the path that the ships sail so we have changed the route.” (CNBC, "The World's largest shipping firm has altered its route through the Strait of Hormuz amid rising tensions," 7/20/2019).

--

Shipping group A.P. Moller-Maersk on Thursday joined a growing list of companies preparing to call a halt to doing business with Iran, casting doubts on whether European leaders can keep alive a nuclear deal with Tehran.Maersk Chief Executive Soren Skou said: “With the sanctions the Americans are to impose, you can’t do business in Iran if you also have business in the U.S., and we have that on a large scale.” “I don’t know the exact timing details, but I am certain that we’re also going to shut down (in Iran),” Skou told Reuters in an interview following Maersk’s first-quarter earnings." (5/17/2018).

--

"Denmark’s Maersk Line said separately it had ceased acceptance of the specific cargoes listed by the U.S. Treasury this week.“Our presence in Iran is limited. We will monitor the developments to assess any impact on our activities,” Maersk Line added." (5/12/2018)

--

"Maersk Line has expanded its footprint in Iran by adding a second port of call less than three months after it resumed services to the country following the lifting of sanctions imposed on Tehran because of its nuclear program. The Danish carrier, which suspended services in 2012, has added the port of Bushehr to its Iran coverage, which was relaunched with calls to Bandar Abbas in October. Maersk, which also has an office in Tehran, the Iranian capital, said it selected the port because it is the largest gateway for transportation of goods in the province of Bushehr, with an annual throughput of seven million tons. The port of Bushehr can provide all containerized cargo services and, most significantly, refrigerated products." (JOC, "Maersk adds second Iranian call," 1/12/2017).

--

"We are excited to announce that we have reinstated our services in Iran. This means that our customers can once again utilise our global network, large fleet of vessels and equipment, weekly departures, superior transit times and innovative suite of e-business solutions, both to and from Iran, subject to country specific regulations... At Maersk Line, we recognise the strong potential of the Iranian market and the crucial role it has in global trade. Marcus Connolly, Head of Sales, UAE Cluster, reaffirms “It is hugely exciting that after a 5 year absence, we are again able to offer Maersk Line services to customers to and from Iran. After a period of relative isolation, access to this new market will present significant growth opportunities for Maersk Line in a market that today represents approximately 700,000 FFE but is expected to grow significantly in the coming years.” (Maersk Line, "Maersk Line Returns to Iran," 10/24/2016).

--

"Maersk Oil, the oil division of Danish group A.P. Moller-Maersk said on Thursday it had signed a memorandum of understanding with the National Iranian Oil Company (NIOC) to "explore opportunities for future cooperation". Maersk said it could not elaborate further. But NIOC Deputy Head for Development and Engineering Gholamreza Manuchehri told Iran's Mehr newsagency the talks concerned the second phase of development of the offshore South Pars field." (Reuters, "Maersk Oil in talks with Iran over oil fields," 10/20/2016).

--

"Tougher conditions led to AP Moller-Maersk's Maersk Line, the world's biggest container company, pulling out entirely from Iran last year, joining an exodus including the world's number two and three MSC and CMA CGM and smaller groups like Germany's Hapag-Lloyd." (Reuters, "Iran faces fresh trade heat as more shipping firms exit," 5/7/2013) 

--

"Maersk Line, the world's biggest container shipping company, has stopped port calls to Iran as Western sanctions pressure on the Islamic Republic mounts, a spokeswoman said on Tuesday... 'Maersk Line has ceased to call in Iran,' a spokeswoman for the unit of Danish group A.P. Moller-Maersk said... 'To date, Maersk Line's business in Iran has involved transporting foodstuffs and other goods, for example vehicles, for the benefit of the general civilian population. It is with regret that it is ceasing these activities,' the spokeswoman said. 'Maersk Line will maintain a dormant business entity in Iran and will look to resume business should the sanctions regime be eased.'... Since 2011, it has called at the small northern Iranian container port of Bushehr. The spokeswoman said Maersk Line halted loading cargo bound for Bushehr on September 30 and stopped loading outbound cargo from Bushehr on September 24. 'Maersk Line ceased its acceptance to all other ports than Bushehr in 2011,' the spokeswoman said. 'The discontinuation of services to and from Bushehr unfortunately reflects the difficulties servicing Iran as a whole.'" (Reuters, "Top shipping line Maersk says halts Iran service," 10/9/2012)

--

"Danish oil and shipping group A.P. Moller Maersk says it will talk to Vitol to determine whether one of its tankers was used by the trading house to ship Iranian fuel oil. The Maersk Producer, a tanker chartered by Vitol from Maersk, received a fuel oil cargo of Iranian origin on Sept. 8, according to a document seen by Reuters. The cargo was transferred aboard the Danish tanker from Vitol's floating storage off Malaysia, the document shows, and shipped to storage in Singapore. Vitol admitted last week its Bahrain office had bought the Iranian fuel oil but said it had now ordered a stop to all trade with Iran, which is under European and U.S. oil and financial sanctions. Based in Switzerland and trading the oil from Bahrain, Vitol did not contravene sanctions... 'Not at any point did we know that the vessel would be used to transport oil under embargo and we will bring this up for discussion with Vitol at the highest level,' said Per Juul, managing director of the agent for Maersk, in an e-mail response to questions. 'If it is confirmed that it was Iranian oil the consequences will have to be discussed with Vitol...we have contacted our insurance company about this issue.' A spokesman for Vitol said the company would 'cooperate fully' in any talks with Maersk." (Reuters, "Danish shipper asks Vitol if tanker used for Iran oil," 10/3/2012)

--

"Danish shipping and oil company A.P. Moller-Maersk has suspended new oil tanker deals with Iran due to European Union sanctions which will embargo imports of oil from the Islamic Republic into the bloc, a senior Maersk official told Reuters on Wednesday... 'As of 24 Jan 2012, all new fixtures involving Iran and all carriages of products with Iranian origin have been suspended,' said Henrik Ramskov, chief operating officer with Maersk Tankers, a unit of the Maersk group and one of the world's top tanker operators... A Maersk spokesman said its tanker unit made 14 Iran related voyages in 2011, 'representing a miniscule part of their activity.'" (Reuters, "Maersk suspends oil tanker trade deals with Iran," 2/8/2012)

 --

"The U.S. move led the world's top container player Maersk Line to suspend operations at several Iranian ports including Bandar Abbas... Danish shipping and oil group A.P. Moller-Maersk , which owns Maersk Line, said it was still engaged in business with Iran including the transport of provisions, natural gas and crude oil as well as bunker fuel supply to Maersk-related vessels, in compliance with sanctions. 'The group has and continues to update a comprehensive compliance program involving all relevant foreign trade controls,' it said." (Reuters, "Sanctions blowback crippling Iran's shipping trade," 12/1/2011)

--

"The world's largest container firm suspended operations at several Iranian ports on Thursday, potentially disrupting critical food shipments as it complies with tightening U.S. sanctions. Maersk line, a unit of A.P. Moller-Maersk, manages several refrigerated ships and container vessels that transport food to the country, including wheat, rice and bananas from Asia. Shipments could be delayed for weeks as Maersk adjusts its operations in the Middle East, analysts said... The United States last week blacklisted Tidewater Middle East Co. and prohibited U.S. entities from any transactions with the major Iranian port operator, which manages over 90 percent of the country's container operations. 'Maersk Line is committed to complying with all relevant foreign trade controls and sanctions programmes,' said Morten Engelstoft, chief operating officer for Maersk Line in a statement on Thursday. 'In this connection, Maersk Line has decided to cease acceptance of, business to and from the Iranian ports of Bandar Abbas, Bandar Khomeini and Asaluyeh.' ... Maersk operates in other Iranian ports and could also divert shipments to Dubai, partnering with other companies that are not bound by U.S. sanctions aimed at curtailing Iran's alleged nuclear weapons programme... Tidewater-managed ports have been used to export arms or handle related material in violation of U.N. Security Council resolutions, the U.S. Treasury said last week. International sanctions are aimed at curtailing Iran's alleged nuclear weapons programme." (Reuters. "World's top shipper suspends some Iran ops over sanctions," 6/30/11)

--

In July 2010, Maersk paid a $3.1 million fine to the US government for violating embargoes against both Iran and Sudan (Fox News, "Danish Shipping Firm Denies Violating US Sanctions Against Iran", 8/2/2010).

--

Maersk Line lists two Iranian offices on its website, one in Tehran and one in Bandar Abbas, registered to the company Maersk Iran A.S. (Maersk Line Company Website).

--

Maersk Iran A.S. lists Shaheed Rajee Container Terminal in Bandar Abbas, Khorramshahr Terminal in Khorramshahr, and Bandar Imam Khomeini Terminal in Bandar Imam Khomeini as service points for imports and exports (Maersk Line Export Services).

--

Beginning on September 15, 2009, Maersk began offering “direct call to Bandar Abbas, Iran” on the FM1 line.  The company advertises “Direct service to/from Bandar Abbas…competitive transit time for Iran bound cargo…[and] transit time for Iran export cargo to Far East improved by 7 days along with direct coverage into Singapore and China” (Maersk Line Customer Advisory, 9/14/09).

--

Maersk Line has weekly service in and out of the Iranian port of Bandar Abbas, on its Far East-Middle East FM1 line.  Other ports on the line include Dammam in Saudi Arabia, Jebel Ali Dubai in the U.A.E, Singapore, and multiple ports in China (Maersk Line Service Network Website).

--

In June 2010, according to Maersk Line’s “Schedule by Port,” 15 Maersk Shipping Container Vessels came through the Iranian port of Bandar Abbas (Maersk Line Shipping Containers- Schedule by Port).  This includes the German-flagged Busan Express, the UK-flagged Hyundai Oakland, and the Greek-flagged Sea-Land New York.  The ships headed to ports in the U.A.E., Karachi, Singapore, China, and India (Maersk Line Shipping Containers- Schedule by Vessel).

--

In June 2010, according to Maersk Line’s “Schedule by Port,” two ships made seven total trips to Khorramshahr Terminal.  The Cyprus-flagged MCP LINZ and the Ali 18 traveled between Khorramshahr (Iran), Jebel Ali Dubai (U.A.E.), and Bandar Khomeini (Iran) according to Maersk’s “Schedule by Vessel.”

--

In June 2010, according to Maersk Line’s “Schedule by Port,” two ships made five total trips to Bandar Imam Khomeini Container Terminal in Iran.  The Cyprus-flagged MCP LINZ and the Ali 18 traveled between Bandar Khomeini (Iran), Jebel Ali Dubai (U.A.E.), and Khorramshahr (Iran) (Maersk Line Schedule by Vessel).

--

The International Business Monitor lists Maersk as one of the shipping lines that does business in and out of the Iranian port of Bandar Abbas (International Business Monitor, “Iran Shipping Market Overview- Port of Bandar Abbas,” 4/28/2010).

--

Maersk Tankers CEO Soren Skou said that 25 tankers worldwide are being used to store oil, 20 of which are commissioned by Iran.  Mr. Skou did not, however, specify if any of them are owned or operated by Maersk (Reuters, “Floating Oil Storage Ending: Maersk,” 5/27/2010).

--

AP Moeller-Maersk does extensive business with the United States government, having earned nearly $4 billion ($3,980,588,981) in government contracts from 2000-2010, according to USASpending.gov. Nearly 95 percent of these funds came from the U.S. Defense Department. USASpending.gov also lists that Maersk Company Ltd., the British arm of AP Moeller Maersk, has received $480,484,505 in government contracts in the past decade, with more than 95 percent of those funds coming from the U.S. Defense Department.

--

In 2010, Maersk Line Ltd, the US arm of Maersk Line, won a contract worth over $460 million to operate twelve U.S. Navy vessels.  Under the contract, Maersk Line Ltd will operate and maintain 10 ships in the US Navy Military Sealift Command’s Maritime Prepositioning Force and help the government manage its cargo.  The two other ships “carry ammunition, explosives, vehicles, and containerized cargo for the US Army’s prepositioning program.” The contract begins in 2010, and if all options are exercised, will continue until 2015 (Tradewinds.no, “Maersk Wins US Navy Work,” 6/1/2010).

 

According to publicly accessible ship-monitoring data, since January 1, 2016, Itochu-owned vessels have called at Iranian ports

--

Itochu Iran Co. Ltd., is listed on the Itochu Corporation website with an office in Tehran, Iran. (Itochu Company Website, “Middle East”).    

--

 "Japan’s Itochu Corporation signed a deal on Saturday to purchase 11,000 tons of polyethylene per month from the Persian Gulf Petrochemical Industries Company (PGPIC)." (May 2017)

--

Japan’s general trading firm ITOCHU has signed a contract, worth €320 million, for financing petrochemical projects in Iran. The deal was signed with Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) in Tehran on Saturday, Shana reported. Back in September, Japan’s integrated trading and investment business conglomerate, Marubeni, signed a deal with the same value with PGPIC on financing petrochemical projects in Iran. PGPIC has announced that it plans to attract €1.5 billion in foreign investment within the framework of short-term (usance) and medium-term contracts by the end of the current Iranian calendar year (March 2017). (Tehran Times,  "Japan’s ITOCHU signs €320m petchem deal in Iran" 12/5/2016)

--

"Conservative Japanese firms have so far held off taking Iranian crude due to a lack of internationally acceptable insurance coverage, but are looking at ways of using cover provided by the Japanese government, the sources said. The traders seeking to restart purchases together imported around 50,000 barrels per day (bpd) of Iranian oil before sanctions were imposed and renewed purchases would give a boost to Tehran's aim of increasing its exports to 4 million bpd... ... Itochu Corp said it was considering resuming imports of Iranian oil, while trading house Kanematsu Corp which last bought Iran crude in 2010, is also looking to resume purchases at an early date, but has not yet lined up any customers, a company source told Reuters." (Reuters, "Some Japan trading houses eye resuming Iran oil imports-sources," 10/19/2016).

--

"With approximately 150 overseas bases in 74 countries, ITOCHU, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, information and communications technology, aerospace, electronics, energy, metals, minerals, chemicals, forest products, general merchandise, food, finance, realty, insurance, and logistics services, as well as business investment in Japan and overseas" (Company Website).

---

According to Reuters, "On March 1, 2010, the Company acquired ITOCHU Oil Exploration Co., Ltd” (Reuters Company Profile).

---

"ITOCHU Oil Exploration Co., Ltd., also known as CIECO, is an upstream E & P company headquartered in Tokyo, Japan. CIECO is known for its technological expertise in all aspects of oil and natural gas exploration, development, and production. As an operating subsidiary company for the ITOCHU Corporation (ITC), CIECO, with its know-how in reservoir management and exploitation, risk management and finance structuring related to the hydrocarbon industry, plays a central role in every aspect of the upstream hydrocarbon businesses of the ITOCHU Group. CIECO's E & P business spans nearly 10 countries globally, allowing for the maximization of ITC's worldwide network" (Itochu Oil Website).

---

Itochu has a branch in Tehran, ITOCHU IRAN Ltd. (Company Website)

---

Itochu Iran lists describes itself as “a subsidary of a Japanese Trading company. Our main function is marketing and sales of various products in our local market and wordwide. We provide all required information for buyers and suppliers in order to finalize a business” (Itochu Iran Profile).

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

---

In a 2005 news release, Itochu announced a major project with Iran to develop Iranian natural gas: "ITOCHU Corporation is at the last adjustment stage with the parties concerned of the high-density polyethylene Project with plant capacity 300,000t/a in Islamic Republic of Iran. The total investment amounts up to 25 billion yen."

"This Project is an epoch-making one in which Thai, Iranian, and Japanese companies jointly establish a joint venture company in Iran. ITOCHU contributes about 12% equity for the joint venture company through another investment company established with Thai partners. This is a long time since the last formal investment has been made in Iran by a Japanese company. Moreover, ITOCHU will also undertake a role as a Project developer with the role including, but not limited to, coordinating contractual negotiation, and arranging finance for the Project, with the close cooperation with the remaining parties."

"It is the greatest merit of this Project to realize stable supply of the inexpensive ethylene utilizing abundant Iranian natural gas for a long period of time" (Itochu News Release, “Iran/Assaluyeh high-density polyethylene (HDPE) Project,” July 2, 2005).

“The Japan Energy Group engages in a comprehensive array of upstream and downstream activities, from petroleum exploration and development, refining, and petroleum product sales to liquefied petroleum gas (LPG), lubricants, and petrochemical products” (Company website).

"The Japan Energy is a core group company operating under the JX Holdings,Inc. JX Holdings has been established through the joint share transfer by Nippon Oil Corporation and Nippon Mining Holdings, Inc. All the businesses of the both Group Companies shall be integrated, restructured and reorganized under JX Holdings, resulting the incorporation of three core business companies, Petroleum Refining and Marketing Business Company, Oil and Natural Gas Exploration and Production Business Company and Metals Business Company, which is scheduled to be made on July 1, 2010” (Company website).

---

As of April 2010, Japan Energy imports 75 thousand barrels of crude oil per day from Iran. (Reuters, "Iran’s Crude Oil Buyers in Europe, Asia," April 18 2010)

---

News sources in late 2007 reported Japan Energy switching from dollars to yens to pay for Iranian crude oil: “Recent reports indicate that Japanese refiners Cosmo Oil Co. and Japan Energy Corp. have decided to stop paying Iran in US dollars in exchange for oil imports, following Iran's request. By asking its customers to pay in currencies other than the dollar, Iran aims to counter US pressure and protect itself against the weakening American currency."

"Japan Energy is the country's sixth-largest refiner that consumes around 400,000 barrels a day of crude. Around 12 percent of that amount comes from Iran" ("Oil bourse update: Japanese to pay Iran in Yen," October 9, 2007).

"India's state-run Bharat Petroleum Corp (BPCL.NS) could annually take up to 2 million tonnes of Iranian oil if the OPEC member offers concessions to make its crude oil attractive compared to rival grades, a company official said on Thursday.

BPCL was annually taking 2 million tonne of Iranian crude oil on average when Tehran was not under U.S. sanctions.

"We have been taking 2 million tonnes (per year) of Iranian crude oil, on an average, when things were normal. We will go back to that number ... I won't be taking 6 million tonnes of Iranian oil ", said N. Vijayagopal, BPCL's head of finance.

Vijayagopal, however, said purchases of Iranian oil depends its pricing compared to the similar rival grades." (Reuters, "India's BPCL may resume Iranian oil buying if no sanctions, needs concessions," 5/27/2021). 

--

As of December 2020, Rhode Island continues to list BPCL as an Iran scrutinized company for active involvement of at least $50 million in Iran's energy sector.

--

BPCL is listed on the 4Q 2020 Minnesota State Board of Investment List of Unauthorized (Scrutinized) Iran Companies. 

--

In 2020, the U.S. state of Mississippi listed BPCL on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering BPCL ineligible for investment and/or state contracting.

--

"The company was reported as potentially purchasing Iranian crude. In 2018 CalPERS designated the company as under review. In 2019 CalPERS changed the designation to “being monitored” because CalPERS’ initial screening has not identified the company as having involvement in the regions and/or activities targeted by the Act. CalPERS has maintained the company in “monitor” status for 2020. CalPERS continues to monitor the company for possible changes in status relevant to the Act."

--

"Bharat Petroleum Corporation Ltd. was identified as potentially purchasing Iranian crude. In 2017, CalSTRS designated Bharat Petroleum Corporation Ltd. as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS changed the status to “Being Monitored” because India is one of eight countries receiving a sanctions waiver that has since expired. CalSTRS has maintained the “Being Monitored” status in 2020 while confirming the company's compliance with current sanctions."

--

On January 20, 2020, Minnesota SBI listed BPCL as a scrutinized investment. The managers are explicitly instructed to refrain from purchasing securities on this list.

--

On March 13, 2019, the Mississippi Department of Finance & Administration identified BPCL as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran."

--

In 2019 BPCL was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.

--

In 2017, the California State Teachers Retirement System (“CalSTRs”) designated BPCL as “Under Review.” In 2018, CalSTRS changed the designation to “being monitored” because India was one of eight countries to receive a sanction waiver. CalSTRS maintained the “Being Monitored” status in 2019.

--

In 2018, the California State Public Employees Retirement System (“CalPERS”), designated BPCL as “Under Review” for potentially purchasing Iranian crude. In 2019, CalPERS changed the designation to “Being Monitored” because CalPERS’ “initial screening has not identified the company as having involvement in the [activities] targeted by the [2019 California Public Divest from Iran] Act

--

State-run Bharat Petroleum Corp will import 1 million barrels of Iranian oil in February after a gap of three months, with the nation’s overall purchases from Tehran remaining at 9 million barrels, three industry sources said. (1/7/2019)

--

In 2017, CalSTRS designated Bharat Petroleum Corporation Ltd. as “Under Review” for potentially purchasing Iranian crude. In 2018, CalSTRS changed the designation to “Being Monitored” because India is one of eight countries receiving a sanction waiver.

--

Indian state refiner Bharat Petroleum Corp has requested an extra one million barrels of oil from the National Iranian Oil Co. (NIOC) for June, two industry sources said, amid a looming threat of stringent U.S. sanctions. (June 1, 2018).

--

In 2017, the U.S. states of Tennessee, South Carolina, Rhode Island, Mississippi, and Minnesota listed Bharat Petroleum Corporation Limited on its state list of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering Bharat Petroleum Corporation Limited ineligible for investment and/or state contracting.

--

March 2017 - Indian Oil Corp and Mangalore Refinery and Petrochemicals Corp will reduce imports by 20,000 bpd each to about 80,000 bpd. Bharat Petroleum Corp and Hindustan Petroleum Corp will together cut imports by about 10,000 bpd to roughly 30,000 bpd, they said.

--

"For the year, the world's third biggest oil consumer bought about 473,000 barrels per day (bpd) of oil from Iran to feed expanding refining capacity, up from 208,300 bpd in 2015, the data showed... Indian refiners Reliance Industries, Hindustan Petroleum, Bharat Petroleum and HPCL-Mittal Energy Ltd (HMEL) last year resumed imports from Tehran, attracted by the discount offered by Iran." (Reuters, "India's 2016 Iran Oil Imports Hit Record High - Trade," 1/13/2017).

--

In 2016 and 2017 Tennessee used the South Carolina list of "Entities Ineligible to Contract with the State of South Carolina or any Political Subdivision of the State per the Iran Divestment Act of 2014, S.C. Code Ann." as its list of persons it determines engage in investment activities in Iran. BPCL was included on this list in 2016 and 2017. "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list."

--

India is set to buy 6 million barrels of Iranian crude for its strategic oil reserves as negotiations with the United Arab Emirates' national oil company for supplies are stuck over commercial terms, industry sources said... Three industry sources with direct knowledge of the matter said India would buy 6 million barrels of Iranian Mix crude from the National Iranian Oil Co in October and November to fill half the Mangalore storage facility in the southwestern state of Karnataka... State firm Bharat Petroleum Corp will buy 4 million barrels in two very large crude carriers (VLCCs) and Mangalore Refineries and Petrochemicals Ltd will import 2 million barrels, the three sources said. (Reuters, "India set to buy Iran oil for emergency reserves: Sources," 9/20/2016).

--

In 2015 BPCL was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because the company's "involvement in purchases of crude oil falls uner the waivers granted by the U.S. government that meet Section (a)(2) of Act 44's expiration clause."

--

Bharat Petroleum Corporation Limited (BPCL) engages in the refining, storing and retailing of petroleum products, and is “one of India's largest PSU companies, with Global Fortune 500 rank of 287 (2008). Bharat Petroleum is considered to be a pioneer in Indian petroleum industry with various path-breaking initiatives such as Pure for Sure campaign, Petro card, Fleet card etc” (Business website).

--

"Bharat Petroleum Corp. Ltd. (BPCL) and Hindustan Petroleum Corp. Ltd. (HPCL) will forego buying Iranian crude even as Mangalore Refinery & Petrochemicals Ltd. (MRPL) accepts an offer from the Persian Gulf nation to waive shipping charges. Refiners want to import crude in rupees amid a 13% slump against the dollar this year while Iran doesn’t want to accept the Indian currency, according to the government in New Delhi. While MRPL has accepted an offer for free shipping, BPCL and HPCL haven’t brought oil from the Islamic Republic since April. 'Unless and until the payment issue is resolved, there’s no point taking Iran crude,' said B.K. Datta, the director of refineries at BPCL, the country’s second-biggest state refiner. 'We have plans to buy Iran crude this year, but can’t until there is clarity on the payment mechanism,' he said in a phone interview from Mumbai…The free shipping will translate into a saving of a little less than a dollar for every barrel of crude, according to the official, who declined to provide further details of MRPL’s purchases. BPCL and HPCL haven’t bought Iranian crude in the financial year that began in April because local insurers refused to cover the risks for using the oil. An Indian government plan to prepare a Rs2,000 crore ($319 million) insurance fund for future purchases from Iran is yet to be implemented…India plans to purchase 11 million metric tonnes of Iranian crude in the year ending 31 March, according to oil secretary Rae. That would be a drop of more than 15% from the previous year." (Live Mint, "BPCL, HPCL forego Iran oil as rival gets free shipping," 11/8/13)

--

"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…Three other refiners - Hindustan Petroleum, Bharat Petroleum and Indian Oil Corp - can each import about 1 million to 1.5 million tonnes for the year, or about 20,000 bpd." (Reuters, "India aims to cut Iran oil imports by 15 pct - oil secretary," 10/1/13)

--

"Indian refiner Bharat Petroleum Corp (BPCL) has not received Iranian oil since February as it could not open an account with Turkey's Halkbank, which is used by other Indian refiners to pay for oil from Tehran in euros." (Reuters, "India's HMEL bought 2 million barrels of Iranian oil: sources," 10/13/2012)

--

State-run Hindustan Petroleum (HPCL) has made its first payment for Iranian oil in rupees to partially settle its bill for a cargo imported in May, company officials said on Friday, a move that will help New Delhi fix its trade imbalance with Tehran . . . Earlier, Bharat Petroleum Corp had used the rupee payment facility to settle its backlog of about $500 million with Iran as, unlike other refiners, it could not open an account with Halkbank. (Reuters, "India HPCL begins rupee payment for Iran oil," 8/3/12)

--

"India's Bharat Petroleum Corp has made its first payment for Iranian oil in rupees, two industry sources said on Tuesday, becoming the first refiner to use a payment channel that skirts tightening Western sanctions on Iran's trade . . . 'BPCL made (its) first payment on Friday and the second on Saturday. It has settled a backlog of 27 billion rupees for last fiscal year's imports,' said one of the source familiar with the development. The figure is equivalent to $482.19 million. BPCL, unlike other refiners, could not open an account with Halkbank to pay for oil imports to the National Iranian Oil Co (NIOC). BPCL last received oil from Iran in January." (Reuters, "India's BPCL starts rupee payments for Iran oil-sources," 6/19/12)

--

"Indian refiners cut imports from Iran by 38 percent in May from a year ago, tanker discharge data showed, in a second month of steep reductions as they switch suppliers to cushion the impact of new U.S. sanctions on Tehran . . . Bharat Petroleum Corp. Ltd. did not buy any Iranian oil since February." (Reuters, "India cuts May Iran oil imports 38 pct-trade," 6/7/12)

--

In 2011, BPCL was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of oil-related investment of US $20 million since 1996.

--

As of April 2010, BPCL imports five thousand barrels of crude oil per day from Iran. (Reuters, "Iran’s Crude Oil Buyers in Europe, Asia," 4/18/10)

--

In 2007, BPCL completed a deal with an Iranian oil company: "Iran is set to further boost its rising crude oil exports to Asia, as OPEC's second-biggest producer is close to concluding its first term contract with Bharat Petroleum Corp Ltd (BPCL)." "National Iranian Oil Co (NIOC) is discussing a four-month deal with BPCL, the only Indian refiner so far not to lift term Iranian crude, as the Indian state firm looks to replace imports of costly Yemeni Masila crude, a BPCL official said on Tuesday" (Reuters, "BPCL nears first term crude deal with Iran,"

On June 13, 2018, HPCL was added to the Florida State Board of Administration List of Prohibited Investments (Scrutinized Companies) due to its involvement in Iran. As of March 9, 2021, HPCL remains on the SBA list of prohibited investments. 

--

"The company was reported as potentially contracting for Iranian oil procurement. CalPERS moved the company into “monitor” status in 2018. CalPERS has maintained the company in “monitor” status for 2020. CalPERS continues to monitor the company for possible changes in status relevant to the Act."

--

On June 1, 2020, the Ohio Police & Fire Pension Fund (“OP&F”) listed HPCL on its scrutinized companies Iran/Sudan list.

--

As of May 28, 2020, the Florida State Board of Administration (“SBA”) continues to list HPCL on its list of “Scrutinized companies with Activities in the Iran Petroleum Energy Sector.

--

On January 13, 2020, the South Dakota Investment Council submitted a report to the Executive Board of the Legislative Research Council regarding compliance with SDCL 4-5-48 to 4-5-60, Iran Divestiture. Included in this report is an Iran Scrutinized Companies list of all prohibited investments for which the internal managers and direct external managers are instructed not to purchase any company on the list. HPCL is included on this list.

--

As of December 31, 2019, the Alaska Retirement Management Board lists HPCL as a company doing material business with Iran.

--

In 2018, the California State Public Employees Retirement System (“CalPERS”) moved HPCL into “monitor” status and maintained that designation in 2019. The company was reported as potentially contracting for Iranian oil procurement.

--

In 2019 HPCL was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.  

--

Hindustan Petroleum is listed on the June 4, 2019 and July 12, 2019 Florida State Board of Administration list of prohibited investments (Scrutinized companies) for Iran related business.

--

Hindustan Petroleum is listed on the June 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

--

Hindustan Petroleum is listed on the March 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

--

India’s Hindustan Petroleum Corporation Limited could buy 0.9 million tons of Iran oil in its 2018/19 financial year, said Vinod S Shenoy, the company’s director of refineries. (2/6/2019)

--

State-run Indian oil refiner Hindustan Petroleum Corp will buy Iranian crude in January after a gap of six months, with the nation’s overall purchases from Tehran at 9 million barrels in the month, four industry sources said. (12/6/2018)

--

"HPCL cancels Iran oil shipment after insurer excludes coverage - sources." (7/26/18)

--

In 2017 the U.S. State of California identified Hindustan Petroleum as a company under review for potentially contracting for Iranian oil procurement.

--

In 2017 the U.S. state of South Carolina and Tennessee listed Hindustan on its Iran restricted companies list rendering Hindustan ineligible for investment and/or state contracting.

--

"Hindustan Petroleum Corporation Ltd (HPCL) has received clarity from the Centre to clear its $23-million oil dues to Iran." (May 2016)

--

In 2016 Tennessee used the South Carolina list of "Entities Ineligible to Contract with the State of South Carolina or any Political Subdivision of the State per the Iran Divestment Act of 2014, S.C. Code Ann." as its list of persons it determines engage in investment activities in Iran. HPCL was included on this list in 2016. "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list."

--

"For the year, the world's third biggest oil consumer bought about 473,000 barrels per day (bpd) of oil from Iran to feed expanding refining capacity, up from 208,300 bpd in 2015, the data showed... Indian refiners Reliance Industries, Hindustan Petroleum, Bharat Petroleum and HPCL-Mittal Energy Ltd (HMEL) last year resumed imports from Tehran, attracted by the discount offered by Iran." (Reuters, "India's 2016 Iran Oil Imports Hit Record High - Trade," 1/13/2017).

--

“India's purchases of Iranian oil fell 4.1 percent in September, slipping from August when imports from Tehran hit their highest in at least 15 years, according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts... Hindustan Petroleum imported about 68,000 bpd oil.” (Reuters, "India's Sept Iran oil imports fall 4.1 percent on Aug - shipping data," 10/12/2016).

--

In 2015 HPCL was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because the company's "involvement in purchases of crude oil falls uner the waivers granted by the U.S. government that meet Section (a)(2) of Act 44's expiration clause."

--

"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)

--

"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)

--

“India is also moving to become one of Iran’s top oil importers. It announced that it would purchase oil exclusively from Tehran through 2015. ‘We will only buy crude oil from Iran in 2014-2015 period if the current sanctions on the insurance coverage of tankers are lifted,’ an official from India’s Hindustan Petroleum Corp Ltd (HPCL) was quoted as saying by Fars. HPCL, like other global companies, had ended its business relationship with Tehran due to international sanctions making it illegal for such business to occur.” (Washington Free Beacon, “Iranian Oil Exports Soar as Sanctions Collapse,” 2/14/14)

--

“HPCL has no plans to buy Iranian oil in the fiscal year to March 2015 unless reinsurance for cover on refineries is available, Namdeo added at a press conference for its quarterly results. ‘This year we are not importing anything (from Iran). If the insurance issue is resolved, then only we will take Iranian oil in 2014/15,’ he said. HPCL halted purchases from Iran in April after insurers did not extend coverage for processing oil from the sanctions-hit nation.)” (Reuters, “India's HPCL ups Iraqi oil imports to 65,000 bpd in 2014/15-Exec,” 2/11/14)

--

"Indian Oil Corp. (IOCL) and two other state-run refiners said they will defer resuming purchases of Iranian crude by at least three months, having failed to get reinsurance for shipments after Europe said it would relax a coverage ban…Hindustan Petroleum Corp. (HPCL), which planned to import 16,000 barrels a day, will hold back purchases, Refineries Director B.K. Namdeo said in an interview. Chennai Petroleum Corp. (MRL), which hasn’t bought any oil this year from Iran, will continue to stay away, Managing Director A.S. Basu said. Curbed shipments from Iran may hamper plans by Indian refiners to benefit from lower prices and freight costs. The South Asian nation planned to buy 11 million tons of Iranian crude this fiscal year after the European Union eased its sanction on insuring cargoes following a six-month accord between the Persian Gulf state, the U.S. and five other nations.’The benefit of the Iran deal is not percolating down,’ Basu said in an interview in New Delhi. ‘Our insurers are saying foreign reinsurers want to observe the situation for six months before extending any cover.’ European rules have yet to be rewritten, so reinsurers are still unable to provide cover to Indian refineries that purchase cargoes from the Persian Gulf state, Andrew Bardot, executive officer at the International Group of P&I Clubs, said.” (Bloomberg, “India Refiners Delay Iran Imports on Failure to Get Reinsurance,” 1/7/14)

--

"India could buy more crude from Iran in the next four months and intends to increase purchases further in the next fiscal year, the petroleum secretary said, after a deal last weekend eased some sanctions on the OPEC member…One Indian state-run refiner, Hindustan Petroleum Corp Ltd. (HPCL.NS), has already said it is ready to look at buying more Iranian oil now that some of the constraints on refinery insurance have been lifted…HPCL, which also stopped purchases, remained cautious after its Vizag refinery was hit by fire twice since April, keeping it focused on the problems with insurance coverage. With the latest deal easing insurance-related sanctions, HPCL is considering resuming Iranian oil purchases, its head of refineries B. K. Namdeo said on Monday." (Reuters, "India looking at more Iranian oil this year and next," 11/27/13)

--

In 2013, HPCL was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because of government oil-related activity. 

--

"India could step up imports from Iran next month and start transferring billions of dollars owed it for oil as early as next week following a deal to curb Tehran's nuclear programme…India is Iran's second-largest buyer and currently owes Tehran about $5.3 billion for oil shipments, according to government and refining sources. The deal also lifts insurance restrictions on Iranian shipments, which could allow Indian refiner HPCL to import an extra 50,000 barrels per day (bpd) in December to March - about a quarter more than the daily average over the first nine months of 2013. Sunday's deal called for Iran's oil exports to continue at current sanctioned levels of around 1 million bpd, and it was not clear whether this would include HPCL's resumption of volumes. 'Till yesterday this crude was not under consideration because of insurance hurdles, but now because of this recent development ... Iranian crude has come into active consideration of HPCL,' the state-run company's head of refineries, B. K. Namdeo, told Reuters. Payments could potentially resume through Turkey's state-run Halkbank, a route used until February when it was blocked by sanctions…A government official also said that payments would be expedited once the payment mechanism via Turkey opens up. 'If that Halkbank route opens up ... rather than pushing this to a later date, perhaps this money will go to the Iranians sooner rather than later,' the official with direct knowledge of the matter said." (Reuters, "India ready to start Iran oil cash transfer after deal," 11/25/13)

--

"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)

--

"India's Hindustan Petroleum Corp Ltd may import about 6 million barrels of Iranian oil by March 31 if New Delhi starts a fund to back local insurers for covering plants processing oil from the sanctions-hit nation, its head of refineries said. HPCL halted Iranian oil imports from April due to problems getting coverage for refineries running Iranian crude because of EU sanctions banning European reinsurers from the business…The oil ministry has said the insurance problem will be resolved, HPCL's head of refineries B.K. Namdeo told reporters. 'This month, things could get formalised. For the remaining four months (of the fiscal year), we can get around 0.8 million tonnes from Iran,' he said. That would represent nearly 50,000 barrels per day (bpd) of Iranian oil shipments over the December-March period, about a quarter more than what India was taking over the first nine months of the calendar year. But HPCL's resumption of the Iran oil imports would hinge on insurance coverage, and India's efforts since February to create the local reinsurance fund have so far yielded no results…To make up for lost Iranian barrels HPCL has raised imports from Iraq, Namdeo said. HPCL also buys about 50,000 barrels per day (bpd) from Saudi Arabia and 20,000 bpd from UAE, he said. HPCL's decision to forego the Iranian barrels from April stood it in good stead as there was no question about its insurance coverage when an under-construction cooling tower at its 166,000 bpd Vizag caught fire in August. The Vizag refinery is currently operating at 70 percent capacity and may reach full rates in the first week of February, Namdeo said. HPCL has no plans to import fuel as supplies have been arranged from other plants to meet demand, he said. HPCL also operates a 130,000 bpd plant in western Maharashtra state. It has a stake in the 180,000 bpd Bathinda refinery in northern India, which is operated by Hindustan-Mittal Energy Ltd, part-owned by LN Mittal. Earlier on Tuesday, HPCL said its September quarter net profit fell 86 percent." (Reuters, "India's HPCL may buy 6 mln bbls Iran oil if govt backs insurers," 11/12/13) 

--

"Bharat Petroleum Corp. Ltd. (BPCL) and Hindustan Petroleum Corp. Ltd. (HPCL) will forego buying Iranian crude even as Mangalore Refinery & Petrochemicals Ltd. (MRPL) accepts an offer from the Persian Gulf nation to waive shipping charges. Refiners want to import crude in rupees amid a 13% slump against the dollar this year while Iran doesn’t want to accept the Indian currency, according to the government in New Delhi. While MRPL has accepted an offer for free shipping, BPCL and HPCL haven’t brought oil from the Islamic Republic since April...The free shipping will translate into a saving of a little less than a dollar for every barrel of crude, according to the official, who declined to provide further details of MRPL’s purchases. BPCL and HPCL haven’t bought Iranian crude in the financial year that began in April because local insurers refused to cover the risks for using the oil. An Indian government plan to prepare a Rs2,000 crore ($319 million) insurance fund for future purchases from Iran is yet to be implemented. 'Only after the outstanding issues are resolved, we can discuss pricing and discounts for Iran crude,' said B.K. Namdeo, the director of refineries at HPCL, the country’s third-largest state refiner. 'What’s the point now to discuss discounts if we are not able to import?' India plans to purchase 11 million metric tonnes of Iranian crude in the year ending 31 March, according to oil secretary Rae. That would be a drop of more than 15% from the previous year." (Live Mint, "BPCL, HPCL forego Iran oil as rival gets free shipping," 11/8/13)

--

"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…Three other refiners - Hindustan Petroleum, Bharat Petroleum and Indian Oil Corp- can each import about 1 million to 1.5 million tonnes for the year, or about 20,000 bpd." (Reuters, "India aims to cut Iran oil imports by 15 pct - oil secretary," 10/1/13)

--

"India's imports of Iranian oil shot up in August to more than four times the volume taken in July as one refiner resumed purchases after a four-month break, but the average annual pace of shipments is still far below last year's levels . . . Only two refiners - Essar Oil and state-owned Mangalore Refinery and Petrochemical Ltd - bought Iranian oil in August . . . MRPL and another state refiner, Hindustan Petroleum Corp Ltd , had halted Iranian oil imports in April, primarily over the insurance issue. However, as they waited for the government plan to shore up the local insurers, some refiners determined that there are suitable substitutes for Iranian crude. HPCL, for instance, has significantly raised imports of Iraq's Basrah oil to replace its lost Iranian barrels, and is not switching back this fiscal year. 'In our crude import strategy for this year we have not factored in Iranian oil imports,' said an HPCL source." (Reuters, "India's Iran oil imports far below levels last year -trade," 9/20/13)

--

“Hindustan Petroleum will resume buying Iranian oil if the government unveils an adequate back-up plan for local insurers to provide cover for its refineries, its head of refineries B. K. Namdeo said on Monday. HPCL along with MRPL had stopped purchases due to difficulties getting insurance for refineries processing Iranian oil, forcing New Delhi to look at providing its own reinsurance after European firms backed out over sanctions. India is thinking of providing a 20 billion rupee state guarantee to back local insurance for plants using Iranian oil, an industry source said last week. 'We are waiting for a clarification from the finance ministry how they are going about it... If insurance clause comes in our favour then we will process Iranian oil,' Namdeo told a news conference. He said the company in its annual strategy for this fiscal year had kept a provision to buy 20,000 bpd Iranian oil. But a company official said on condition of anonymity that the planned 40 billion rupees reinsurance cover was not sufficient as HPCL's 'one time maximum permissible claim under the current policy is about 54 billion rupees.'" (Reuters, "HPCL to Resume Iran Oil Imports if Insurance Solved," 8/12/13)

--

"In a sign that Western sanctions weigh heavily on it, Hindustan Petroleum Corporation Limited (HPCL) has virtually slammed the door on Iran for crude oil imports during 2013-14 and has instead increased imports from Iraq. The HPCL’s strategy paper for crude imports during 2013-14 — a copy of which is available with The Hindu — states that because of the sanctions the U.S. and the European Union imposed on Iran, it is proposed to have only an optional contract of one million tonne with the National Iranian Oil Company (NIOC); and it will be used on a need basis, if only there is no negative impact on HPCL business. The existing term contract for April 2012-March 2013 was 2 million tonne (40,000 barrels a day), with an optional contract of 1 million tonne (20,000 barrels a day) for 2013-14. But NIOC turned the proposal down, saying it did not have a policy to make a mere optional contract. 'Hence, there is no crude-lifting contract with NIOC for 2013-14. This is due to the ongoing US/EU sanctions on Iran,' the paper says. The HPCL’s stand runs counter to the Petroleum and Natural Gas Ministry’s stand that it is not guided by the Western sanctions while making crude imports from Iran and that it would follow the sanctions if only they were sponsored by the United Nations. However, the HPCL has stepped up its engagement with Iraq. The paper says the existing term contract with Iraq’s State Oil Marketing Company (SOMO) for 2.25 million tonne (45,000 barrels a day) of Basra light crude has been revised to 3 million tonne (60,000 barrels a day). It will be in effect till December 2013... The HPCL’s total crude oil requirement for 2013-14 is estimated at 18 million tonne... Listing strategic objectives, the document says that securing supplies by diversifying the pool of suppliers and insulating consignments against disruption due to geo-political reasons are the factors that will guide the oil purchases during 2013-14... India imported 2,71,200 barrels per day from Iran between April 2012 and February 2013, which was below the government’s target of 3,10,000 barrels per day for the fiscal ended on March 31. Imports from Iran decreased to 7.3 per cent from April last to February 2013, from 11 per cent." (The Hindu, "HPCL Slams Door on Iran for Crude Oil Imports," 7/28/2013)

--

"Two refiners - Hindustan Petroleum Corp, and Mangalore Refinery and Petrochemicals Ltd - halted Iranian oil purchases in April due to insurance problems." (Reuters, "Iran offers insurance to India refiners to spur oil sales," 5/27/2013) 

--

"HPCL-Mittal Energy Ltd (HMEL) has taken two shipments of Iranian oil since the start of September to maximize margins at its 180,000 barrels per day (bpd) Bathinda refinery in northern India, two sources with knowledge of the deals told Reuters. The purchases came to a total 2 million barrels... Mark Dubowitz, a U.S. lobbyist for tougher sanctions on Iran and head of the Foundation for Defence of Democracies, said HMEL was taking a significant risk in buying this oil... HMEL is part-owned by Indian tycoon Mittal, who heads ArcelorMittal, the world's largest steelmaker. ArcelorMittal produces 35 percent of its steel in the Americas and 47 percent in Europe, according to the company's website. State-run refiner Hindustan Petroleum Corp and Mittal own 49 percent each in the joint venture HMEL... 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... HMEL's oil purchases came on Iran's suezmax vessel Magnolia in September and Lantana in October, said the sources, who declined to be named due to the sensitivity of the issue. Suezmaxes can carry up to 1 million barrels of crude... An HMEL spokeswoman said that, as a policy, the company does not provide details of its crude oil sourcing... In September HMEL bought a million barrels each of Arab Medium and Khafji, while for October it is scheduled to lift 2 million barrels of Arab Medium from the kingdom... 'How HMEL will make its payment is yet to be seen,' said one of the sources." (Reuters, "Exclusive: India's HMEL bought 2 million barrels of Iranian oil: sources," 10/13/2012)

--

"India's oil imports from Iran fell by more than 40 percent in July from June and a year ago, as imports by Tehran's biggest local client MRPL were hit by a shortage of ships and insurance cover caused by European Union sanctions . . . HPCL aims to buy 60,000 bpd oil from Iran -- 40,000 firm and 20,000 optional, compared with 70,000 bpd in 2011/12, and Indian Oil Corp, the country's biggest refiner, plans to lift 30,000 bpd compared with 42,000 bpd a year ago." (Reuters, "India cuts July Iran oil imports by over 40 pct y/y-trade data," 8/21/12)

--

"Indian state-run refiner Hindustan Petroleum Corp plans to lift up to three Suezmax crude cargoes or about 99,300 barrels per day (bpd) oil from Iran this month, its executive director B. K. Namdeo said on Thursday…To skirt European sanctions that have hit insurance and reinsurance of Iranian shipments, India has offered a limited cover of about $100 million for Iranian imports, which local shippers have rejected saying it was inadequate.

The cover offered by state insurers for Iran shipments is a fraction of the $1 billion coverage that a supertanker carrying around 2 million barrels of crude would normally have from reinsurers.

India, Iran's second-biggest crude customer after China, is also giving permission to refiners on a case-by-case basis to import oil using Iranian vessels and insurance.

HPCL, which imported only one Suezmax cargo in July of the two planned, has won permission from the shipping ministry to import oil using Iranian tanker and insurance in August, Namdeo said.

One Suezmax carry around a million barrels of oil." (Reuters, "India HPCL aims to buy about 99,000 bpd Iran oil in Aug," 8/9/12)

 --

"State-run Hindustan Petroleum (HPCL) has made its first payment for Iranian oil in rupees to partially settle its bill for a cargo imported in May, company officials said on Friday, a move that will help New Delhi fix its trade imbalance with Tehran . . . The balance of HPCL's payment, made on Friday, was through Turkey's Halkbank and India's UCO Bank. 'This is the first payment we have made since the gate was opened...we have paid 45 percent in rupees and 55 percent through Halkbank,' B. Mukherjee, head of finance at HPCL, told Reuters . . . HPCL has paid 2.75 billion Indian rupees ($49.25 million) to Iran through UCO Bank and $60 million through Halkbank, a company source privy to the matter said . . . MRPL's first August cargo from Iran is already on its way to Mangalore Port in southern India in the Iranian vessel Gardenia while HPCL is seeking the shipping ministry's permission to lift a cargo from Tehran next week." (Reuters, "India HPCL begins rupee payment for Iran oil," 8/3/23)

--

"India's biggest buyer of Iranian oil, MRPL, has bought Azeri, Saudi and Emirati crude to replace imports from Iran in July and it may halt purchases from Tehran altogether as sanctions make shipments more difficult,industry sources said on Monday. . . Indian Oil Corp., the country's biggest oil refiner, has been lifting 20,000 bpd of Azeri Light crude in 2012 under an annual contract while Hindustan Petroleum will soon start buying 10,000 bpd from Azerbaijan's national oil company SOCAR." (Reuters, "India's top buyer of Iran oil turns to Azeri, Saudi," 7/16/12)

--

"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. 

State-run refiner Hindustan Petroleum is scheduled to receive an oil cargo aboard an Iranian suezmax next week, a company source said. The vessel was booked before the government withdrew its permission to ship Iranian oil in Iranian tankers." (Reuters, "India's main Iran oil buyer may cut July imports," 7/12/12)

--

"India's Insurance and Regulatory and Development Authority has agreed to allow state-run insurers to replace their European counterparts, enabling at least Shipping Corp Of India to resume transporting Iranian oil, officials said . . . Refiner HPCL, which has already taken a suezmax vessel carrying 1 million barrels of oil from Iran on a delivered basis, may hire an SCI vessel for a cargo scheduled for lifting on July 25-27, said an official with the refiner, who asked not to be named because he was not authorized to speak to the media." (Reuters, "India insures Iran oil imports to safeguard flow -sources," 7/10/12)

--

"India's finance ministry has formally issued orders exempting local refiners from paying tax on rupee purchases of Iranian crude oil, an executive at Hindustan Petroleum Corp. and a senior oil ministry official said Friday.

The move greatly reduces costs for refiners and enables them to circumvent U.S. sanctions, while simultaneously boosting Indian exports of wheat, rice and other commodities...Under existing rules, international rupee transactions by Indian companies are considered local deals and subject to high tax levels of up to 40%…State-run HPCL imported 67,000 barrels a day from Iran in the year ended March 31.

Tehran and New Delhi agreed in January to settle 45% of oil payments in rupees, as a payment mechanism through Turkey's Halkbank may be disrupted due to pressure from the U.S. and the European Union."  (Wall Street Journal, "India Exempts Rupee Payments From Tax for Iranian Crude," 6/15/12)

--

"According to the company website, "HPCL, a fortune 500 company, is one of the major integrated oil refining and marketing companies in India. It is a Mega Public Sector Undertaking (PSU) with Navaratna status. HPCL accounts for about 20% of the market share and about 10% of the nation's refining capacity with two coastal refineries, one at Mumbai (West Coast) having a capacity of 6.5 Million Metric Tonnes Per Annum (MMTPA) and the other in Vishakapatnam (East Coast) with a capacity of 7.5 MMTPA. HPCL also holds an equity stake of 16.95% in Mangalore Refinery & Petrochemicals Limited (MRPL), a state-of-the-art refinery at Mangalore with a capacity of 9 MMTPA" (Company Website).

--

"State-run Hindustan Petroleum Corp emerged as the biggest buyer of Iranian oil in May, importing 99,000 bpd, up 66 percent from April and about 1.4 percent more than a year ago. 'May volumes are higher as HPCL took delayed delivery of an April cargo,' said a source privy to HPCL's imports . . . HPCL aims to buy 60,000 bpd oil from Iran compared with 70,000 bpd in 2011/12." (Reuters, "India cuts May Iran oil imports 38 pct-trade," 6/7/12)

--

As of April 2010, HPCL imports 60 thousand barrels of crude oil per day from Iran. (Reuters, "Iran’s Crude Oil Buyers in Europe, Asia," 4/18/10)

--

News sources in New Delhi reported significant increases in HPCL’s trade with Iran in 2009: “State-owned Hindustan Petroleum Corp Ltd (HPCL) will triple crude oil import from Iran while reducing supplies from Iraq next fiscal.”

“HPCL plans to import 3 million tonnes of Iranian crude from National Iranian Oil Co (NIOC) on term contract in 2009-10 as against the current year import of one million tonnes, sources said” (The Financial Express, "HPCL to triple crude oil import from Iran,” 2/7/09)