India’s Iran Oil imports increased by 20 percent

India’s oil imports from Iran rose by over a fifth in February in what is seen as a yet another positive sign that shows the country is pushing ahead with plans to regain the market share it had lost during the years of sanctions.

Based on Figures released by Reuters, New Delhi shipped in 215,500 bpd from Tehran in February, a rise of about 21 percent from last month and more than doubles the figure of about 111,000 bpd in the same month a year ago.

In February, Essar Oil was the biggest buyer of Iranian oil, shipping in 110,200 bpd, followed by about 69,500 bpd by Mangalore Refinery and Petrochemicals Ltd.

MRPL shipped in just one cargo of Iranian oil in February.

Indian Oil Corp, which rarely buys Iranian oil, received a cargo of oil equivalent to about 35,800 bpd.

A true reflection of the step-up in Indian purchases of Iranian oil will emerge from April, the new contract year, as in the last leg of a fiscal year most companies cut purchases to maintain low inventory ahead of annual results, Reuters said.

Reliance Industries Ltd, which halted supplies from Iran in 2010, is preparing to lift a million barrels each of condensate and oil next month, it added.

Iran said on Tuesday that its oil exports had increased by 30 percent last month. The country’s Oil Minister, Bijan Zangeneh has stated that exports increased to 1.75 million barrels per day (bpd) during the Iranian month of Bahman, which runs from January 21 to February 19.

Zangeneh had previously emphasized that Iran will increase its oil production by 500,000 bpd as soon as the sanctions against the country are lifted.