RIL may buy crude oil from Iran again

After a five-year hiatus, Reliance Industries is likely to resume buying crude oil from Iran beginning next month.

RIL, which operates the world’s biggest refining complex at Jamnagar in Gujarat, is looking at quickly ramping up purchases to the old levels of about 5 million tonnes a year, sources said.

Bowing to international pressure to isolate Iran over its nuclear programme, RIL had in January 2009 stopped exporting gasoline or petrol to Iran. And from February 2010, it stopped buying crude oil from the Persian Gulf nation.

RIL, which has substantial investments in US shale gas projects besides being a big supplier of fuel, shelved its business with Iran over fears of being sanctioned. With sanctions on Iran ending, Reliance Industries is now looking to reestablish ties with the Persian Gulf nation, sources said.

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