The lifting of a European Union ban on insuring tankers carrying Iranian crude as part of a nuclear deal reached in Geneva today will ease the process of importing the Persian Gulf state’s oil, according to Indian refiners. While officials from Indian Oil Corp. (IOCL) , Hindustan Petroleum Corp. and Mangalore Refinery & Petrochemicals Ltd. (MRPL) said the removal of restrictions on shipping cover will enable them to purchase contracted volumes more easily, they said they don’t intend to buy more than previously planned. “We can go ahead and import the contracted volume for this year,” said Rajkumar Ghosh, the director of refineries at Indian Oil, the country’s largest processor. The company has a deal to buy 1.2 million metric tons of Iranian oil in the year ending March 31, of which 0.5 to 0.6 million tons have been imported since April, he said. Middle East suppliers sell the […]