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                                        Volume. 11763

Essar's June Iran oil imports up 21.1 percent-trade
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c_330_235_16777215_0___images_stories_edim_04_essar.jpgNEW DELHI (Reuters) --- Essar Oil imported 21.1 percent more Iranian oil in June compared with a year earlier and shipped in Kazakhstan's CPC blend for the first time, tanker arrival data made available to Reuters showed, as the private refiner increased its appetite for testing new grades after expansion.
 
Essar was the only Indian client of Iranian oil in June buying 138,900 barrels per day (bpd), a growth of 16.3 percent over May.
 
The refiner, however, has cut Iranian oil imports by about a third in the first half of this year when it received 86,300 bpd as it stepped up purchases last year ahead of sanctions starting in July 2012.
 
The United States renewed six-month waivers on sanctions for India earlier this month in exchange for reduced purchases of oil from Iran.
 
However, Essar continued using Iranian oil based on legal advice that EU sanctions are not applicable in this situation, a document made available to Reuters showed. But there is some uncertainty as it is up to reinsurers to interpret the sanctions.
 
Indian Oil Corp, the country's largest oil refiner, is not planning to lift Iranian cargoes until the fourth quarter.
 
No comment was available from Essar.

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