MARKET STRUCTURE · INDIA
India buys Iranian LPG cargo
Change
India bought its first cargo of Iranian liquefied petroleum gas in years.
Why it matters
India purchased a cargo of Iranian liquefied petroleum gas. The sanctioned tanker Aurora carrying the cargo is expected to shortly reach the west-coast port of Mangalore. The cargo will be shared among Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp. The cargo was purchased from a trader and payment will be made in rupees.
Implications
- · Adds imported LPG volume to distribution channels of three state-owned fuel retailers (Indian Oil, BPCL, HPCL).
- · Settles this transaction in rupees, altering payment routing and treasury operations for the trade.
- · Requires port handling and inland distribution capacity at Mangalore upon the tanker’s arrival.
Who is affected
- · Importers
- · Operators
What to watch
- · Arrival of sanctioned tanker Aurora at Mangalore port (expected shortly)
Source
Topics
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