Indian Reliance Industries halt on oil imports from Iran

reliance_industries_india.jpgThe Indian Reliance Industries Ltd, known as the world’s biggest refining complex is to halt on oil imports from Iran.
Though India had stated that it does not follow U.S. sanctions, companies with links to the U.S. financial system could be liable to penalties if they do not comply.
The Indian conglomerate controlled by billionaire Mukesh Ambani, has significant exposure to the financial system of the United States, where it operates some subsidiaries that are linked to its oil and telecom businesses among others.
Reliance is expected to take its move in October or November or even earlier than that if European nations and Tehran failed to salvage the nuclear deal.
In the interim period, until it stops buying Iranian oil, Reliance has asked NIOC to supply Iranian oil in vessels owned by National Iranian Tanker Company (NITC), one source close to the company said.

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