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Reliance to lift Iran oil after gap of five years

Reliance Industries Ltd, owner of the world’s biggest refining complex, is preparing to lift oil from Iran next month after a gap of about five years, said an industry source with knowledge of talks between the two.

The conglomerate, controlled by billionaire Mukesh Ambani, stopped Iranian oil imports in 2010 because it was worried that the threat of US sanctions on companies doing business with the Islamic republic would complicate its efforts to boost market share for its fuels in the United States.

Now with an end this year to the Western sanctions that had halved Iran’s oil exports to about one million barrels per day (BPD), Tehran is trying to recoup lost market share and Reliance is keen to get Iranian barrels back into its crude diet.

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