India to Boost Oil Imports from Iran

TEHRAN (FNA)- India is due to receive the first state-insured oil cargo from Iran in weeks after New Delhi joined Tokyo in offering government-backed insurance for ships carrying Iranian crude in order to bypass European sanctions against Iranian supplies.

The first Indian ship to carry oil from Iran with Indian insurance is scheduled to load up in Iran on Wednesday, a shipping company executive said. This is a breakthrough for the Indian government, which has sought to maintain vital Iranian oil imports after European sanctions blocked third-party insurance in July.

The MT Omvati Prem – a tanker contracted to carry 85,000 metric tons of crude oil from Iran for Indian state refiner Mangalore Refinery and Petrochemicals Ltd. – is scheduled to arrive in India by Aug. 25, said Kowshik Kuchroo, president of shipping for Mercator Ltd., an Indian shipping company.  Continue reading

Allaw: Venezuelan Oil Tanker Loaded with 35000 Tons of Diesel Arrived in Syria

DAMASCUS, (SANA) – Minister of Petroleum and Mineral Resources, Sufian Allaw, stressed on Wednesday that a Venezuelan oil tanker loaded with 35000 tons of diesel arrived on Monday, adding that Venezuela is preparing another tanker to head to Syria.

Concerning gas, Allaw said during a press conference that Syria’s gas production covers 50% of demand, pointing out that negotiations are underway to import gas from Iran and Algeria to compensate for gas shortage.

Allaw revealed that the Syrian oil sector has lost USD 4 billion because of the oppressive EU and US sanctions on oil exports and imports since last September.

The Minister added that the joint Syrian-Russian Committee in Moscow would discuss the possibility of signing a long-term contract with Russia to supply fuel and gas to Syria. Continue reading