India will lower its crude oil imports from Iran by 15% to 9 million-9.5 million mt in fiscal year 2014-2015 (April-March), from an estimated 11 million mt in fiscal 2013-2014, a senior petroleum ministry official said Tuesday. Essar Oil and Mangalore Refinery and Petrochemicals Ltd. — two of the largest importers of Iranian crude in the country — are expected to end the current fiscal year with imports of 4 million-4.5 million mt each, and Indian Oil Corp. will import around 1 million mt, R.K Singh, joint secretary for refineries at the petroleum ministry, said on the sidelines of the Petrotech 2014 conference near New Delhi. This is down from 13.3 million mt in fiscal year 2012-2013. The cut is in line with the 15% annual reduction countries have to show to be eligible for US waivers from sanctions against Iran, he said. […]