Its unfortunate: Iran says India didnt keep Chabahar investment pledge


"Our focus is to work with those countries importing Iranian crude to get as many of them as possible down to zero by November 4", a US State Department official said. The failure to do so would result in the imposition of sanctions from the US.

"Sanction and financial threats have turned into opportunity for us, because they have led to self-reliance and strength of domestic capacities which can be a model for all other freethinking countries", Hatami remarked.

A senior Iranian diplomat has warned India that Tehran will end "special privileges" for New Delhi if it attempts to replace Iranian crude with supplies from Saudi Arabia, Russia and the United States, PTI reported.

Washington has threatened the countries potentially maintaining business with Iran despite the US's bans with "secondary sanctions".

The newspaper also pointed out that US President Donald Trump recently asked Saudi Arabia to pump at least 2 million more barrels a day, but received a reply that stopped short of a commitment to do so.

India prefers to buy Iranian oil because of the proximity of that country's ports to refineries along India's western coast and also the 60 days of credit that Tehran allows for purchases.

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Iranian First Vice President Eshaq Jahangiri said it would be hard to sideline Iran, the third-largest OPEC producer, completely.

The statement came a a day after Iran's charge d'affaires Massoud Rezvanian Rahaghi was quoted as telling a seminar in New Delhi that India had not fulfilled its promise of making investments in Chabahar and that New Delhi stands to lose "privileges" if it cuts imports of Iranian oil due to pressure from the United States.

The Trump administration has moved in recent months to impose penalties on Iranian individuals and entities, and senior US officials have said that Washington has begun pressing other countries to end Iranian oil imports by November.

Tehran has said the European parties to the nuclear deal, which are close U.S. allies, need to provide Iran with practical guarantees that its economic dividends from the agreement would remain intact with the return of American sanctions.

Another Vitol-chartered VLCC, the Maharah, sailed from Galveston last week and was headed to Sikka with 1.98 million barrels of oil. SHIFT UNDERWAY Some Indian refiners have finished testing runs of U.S. oil this year, often by mixing it with heavier grades those plants typically process, analysts and traders said.

Sources told Reuters last month that private refiners Nayara Energy and Reliance Industries Ltd plan to halt Iranian oil imports. "They really have started to make the shift", said Olivier Jakob, managing director of energy consultancy PetroMatrix. Reliance is blending lighter USA oil with heavier crudes from other nations, said a trader familiar with plant operations and trade flows.