Bharat Petroleum Corporation Limited (BPCL), a state-controlled Indian refiner, could resume buying crude from Iran once U.S. sanctions are lifted, but it would only do so if the Islamic Republic sells its oil at a discount to make it more attractive, an official at the Indian company told Reuters on Thursday. Without U.S. sanctions and with Iranian price concessions, BPCL could return to buying 2 million tons of crude from Iran per year, as it did before the sanctions. Yet, BPCL does not plan to raise its imports from Iran too much over that figure, BPCL’s head of finance, N. Vijayagopal, told Reuters. The actual volume BPCL would be buying will depend on how competitive the price of Iranian crude will be compared to similar grades, the manager added. Major Indian state-held refiners plan to cut back on spot crude purchases later this year, expecting that the U.S. sanctions […]