India Imports Iranian Oil: After almost 7 years, Iranian crude oil seems to be moving towards India. The tanker named ‘Ping Shun’ is moving towards Vadinar port of Gujarat carrying oil from Kharg Island of Iran. If delivery takes place, it could be India’s first purchase of Iranian oil since 2019.
After almost seven years, the conflict between India and Iran regarding crude oil seems to be intensifying. According to ship tracking data, an Iranian oil-laden tanker is headed towards India and may reach Vadinar port in Gujarat by the end of this week. If this delivery is completed, it will be the first time since May 2019 that India will buy crude oil from Iran. This development has come at a time when oil prices are under pressure across the world due to ongoing tensions in the Middle East and supply disruptions.
Banned tanker ‘Ping Shun’ headed towards India
According to the ship tracking platform, a tanker named “Ping Shun” is currently moving from the Persian Gulf towards India. It is an Aframax class ship, which was built in the year 2002. America had banned this ship in 2025.
According to the data, this tanker had loaded crude oil from Kharg Island in Iran in early March and is now heading towards Vadinar port in Gujarat. However, the final destination of the ship can be changed at any time, so there is still no complete clarity regarding its delivery.
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First possible purchase after 2019
India had stopped importing crude oil from Iran in May 2019. At that time, America had imposed strict restrictions on Iran’s oil exports, after which many countries were forced to stop buying Iranian oil. Now if this tanker successfully unloads oil in India, it will be the first purchase made by India from Iran after almost seven years.
Oil supply is being affected by the Middle East crisis
This development has come to light at a time when increasing tension in the Middle East has started affecting oil supplies. Instability in the region has increased due to the increasing conflict between America and Israel over Iran. This tension has also affected the ships passing through the Strait of Hormuz. This sea route is considered one of the most important oil routes in the world and from here a large amount of oil reaches different countries of the world.
Payment and insurance become a big challenge
However, despite the potential delivery of Iranian oil, many challenges still remain. The biggest problem is related to payment and insurance. According to sources, many banks in Asia, which act as intermediaries between payments in US dollars, have refused to help in deals related to Iranian oil. This is because such transactions carry the risk of transactions with sanctioned Iranian entities.
There was a problem in delivery earlier also
Recently, a similar situation was seen in a case related to Iranian LPG. A ship named “Sea Bird” had reached Mangalore port on March 30, but its cargo has not been unloaded yet. According to the port agent report, the oil taking party is not yet ready to take delivery and efforts are being made to resolve payment related issues.
Indian refineries are currently silent
India’s major state-owned refinery companies Indian Oil Corporation, Bharat Petroleum Corporation and Nayara Energy usually receive their oil cargoes at Vadinar port. However, no official statement has yet come from these companies regarding this possible deal.
According to the information, Nayara Energy is going to do maintenance work in its plant this month, due to which it will not need additional crude oil at present. At present, everyone’s eyes are fixed on the journey of this tanker. If it successfully reaches India, it will be considered a big signal not only for the oil market but also for the energy relations between India and Iran.
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