Indian refiners stop buying crude oil from Chinese companies
India has stopped purchasing crude oil from China-linked companies, as part of New Delhi’s recent move to restrict imports from neighboring countries in the wake of an escalating border dispute.
New Delhi has passed a new law that restricts state refiners from dealings with companies from countries sharing a border with India, Reuters reported citing unnamed sources.
Last week, Indian state refiners decided to stop sending crude import tenders to Chinese trading firms like CNOOC, Unipec and PetroChina among others, the report sad.
To participate in Indian tenders, the order makes registration with a department in the federal commerce ministry ‘mandatory’ for any bidders from nations sharing a border with India.
The country shares borders with Pakistan, China, Bangladesh, Myanmar, Nepal and Bhutan.
The new order, however, did not name any specific country.
India is the world’s third biggest oil consumer which imports nearly 84% of its oil needs.
China does not export crude to India but Chinese firms are among major oil traders globally.
Indian state refiners, which control 60% of the country’s 5 million barrel-per-day refining capacity, regularly tap spot markets for crude.
New Delhi put the new restriction in place in July, after border tensions erupted between India and China in the wake of clashes that led to the deaths of 20 Indian soldiers in the Galwan Valley, a precipitous and rocky border area that lies between China’s Tibet and India’s Ladakh regions.
That was the first such deadly clash at the disputed border in the western Himalayas since 1967.
India accused Beijing of having “pre-meditated and planned” the fighting, but China said Indian troops had violated a military agreement, and attacked its troops.
The governments of the two nuclear armed powers are now seeking to reach an agreement on ways to pull back troops from across the disputed border.
FM: India's national interest lies in selling arms to Israel
Pezeshkian says seeking to prevent conflict expansion as Modi blasts Israel’s genocide
Putin: BRICS, not the West, will drive global economic prosperity
Report blames gasoil exports for shortage at Iranian power plants
VIDEO | Hind Rajab Foundation names Israeli war criminals vacationing after Gaza genocide
VIDEO | Australians rally for Gaza ahead of Christmas festivities
VIDEO | Attacks on Sana'a
Iran reports further drop in annual inflation rate in December
Israel indicts two settlers over suspected spying for Hezbollah
Iran: US airstrikes on Yemen war crimes, violation of international law
Yemeni armed forces down F-18 fighter jet, repel US-UK attack: Spokesman
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
