BPCL may resume Iranian oil buying if no sanctions, needs concessions

India’s state-run Bharat Petroleum Corp could annually take up to 2 million tonnes of Iranian oil if the OPEC member offers concessions to make its crude oil attractive compared to rival grades, a company official said on Thursday.

BPCL was annually taking 2 million tonne of Iranian crude oil on average when Tehran was not under U.S. sanctions.

“We have been taking 2 million tonnes (per year) of Iranian crude oil, on an average, when things were normal. We will go back to that number … I won’t be taking 6 million tonnes of Iranian oil “, said N. Vijayagopal, BPCL’s head of finance.

Vijayagopal, however, said purchases of Iranian oil depends its pricing compared to the similar rival grades.