Explore Business Standard
Two more Indian-flagged LPG tankers, carrying roughly a day's supply of the country's cooking gas, have safely navigated through the war-hit Strait of Hormuz and are expected to reach Indian shores over the next two days. LPG tankers Pine Gas and Jag Vasant, sailing close to each other, started from the Persian Gulf on Monday morning before crossing the strait, ship tracking data showed. The two ships are carrying 92,612 tonnes of LPG, said Rajesh Kumar Sinha, Special Secretary in the Ministry of Ports, Shipping, and Waterways, at a news briefing. "The movement has started." The tankers are likely to reach Indian ports between March 26 and March 28. The vessels have 33 and 27 Indian seafarers onboard, according to the Ministry of Ports, Shipping and Waterways. Both the LPG tankers sailed through waters between Iran's Larak and Qeshm islands -- possibly to make their identity clear to Iranian authorities before they cross the strait, ship tracking data showed. The two ships were am
India will consider resuming buying Iranian oil based on techno-commercial feasibility, a senior government official said after Washington temporarily removed sanctions to ease pressure on prices that followed the US-Israeli war on Iran. Historically, India was a major buyer of Iranian crude, importing significant volumes of Iranian Light and Heavy grades due to strong refinery compatibility and favourable commercial terms. Following sanctions tightening in 2018, imports ceased from May 2019, with volumes replaced by Middle Eastern, US and other grades. At peak, Iranian crude accounted for 11.5 per cent of India's total imports. At a news briefing on developments in West Asia, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said techno-commercial feasibility will drive the decision on resuming buying Iranian crude. "It is based on techno-commercial feasibility," she said. Over the weekend, the US waived sanctions on the purchase of Iranian oil at sea fo