Reliance buys Iranian oil after 6-year hiatus
Reliance Industries has bought crude oil from Iran after a 6-year break and is looking to strike a long-term fixed quantity deal, post lifting of sanctions. RIL, which operates the world's biggest refining complex at Jamnagar in Gujarat, is looking at quickly ramping up purchases to the earlier levels of about 5 million tonnes a year. "Re-established relationship with Iran, sourced crude oil post lifting of sanctions," the company said in an investor presentation after reporting 2015-16 earnings. Bowing to international pressure to isolate ...
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