اخبار

Indian Refiners to Buy Iran's Crude Oil on FOB

TEHRAN, March 28 (Shana) - Indian purchasers will buy Iran's crude oil on FOB scheme starting in April, a source from a private refinery said.

The dealers should rent oil tankers to ship crude oil to their country, and experts said that purchase of Iranian crude oil on FOB will make the oil price cheaper for Indian refiners, according to IRNA.

Under a FOB deal, the seller should bear all expenses until the consignment is delivered on board (ship, plane or railway) and after that all expenses including transportation fees, insurance and import tariffs should be borne by the purchaser.

India's petrochemical company Baharat announced that it is going to start its crude oil import from Iran in the coming months.

India's insurance officials announced that European Protection and Indemnity Company (P&I) is offering a re-insurance worth 580 million dollars for Iran's oil consignments.

The P&I insures ship owners, renting companies concerning cases like death of crews, accident, sea pollution and other incidents.

India was Iran's second largest oil purchaser before the west imposed sanctions on Iran as a result of which its ranking dropped to the seventh place.