Tehran offered steep discounts on freight and allowed a 60-day credit on oil purchases, making it lucrative for Indian refiners. Nayara Energy, which was then called Essar Oil, used to take half of those total Iranian inflows, while the rest was absorbed by state-owned oil companies.Īfter the sanctions were lifted in 2016, India witnessed a steep jump in Iranian crude inflows as state-owned refiners stepped up purchases. Indian crude imports from Iran were as low as 200,000-250,000 b/d during the previous sanctions. While New Delhi is working on a mechanism to allow a branch of an Iranian bank to carry out oil trade using rupees, the government has given permission to a bank of Iran, Bank Pasargad, to open a branch in Mumbai. Most analysts expect China, India and Turkey to be granted a second round of waivers. "We are discussing the possibility of nominating vessels for Iranian crude for March, before the expiry of the US waiver, but nothing has been finalized," one official at a state-run refiner said.Īs US sanctions on Iran came into force in early November 2018, US surprised the market and granted eight key buyers exemptions from its sanctions, enabling China, India, Japan, South Korea, Turkey, Taiwan, Italy and Greece to still purchase some amount of Iranian crude. are expected to take 1 million barrels each in February, oil ministry sources said. is likely to aim for 2 million barrels in February, down 1 million barrels from January.īharat Petroleum Corp Ltd. had plans to ship in up to 5 million barrels in the first two months of the year, Mangalore Refinery and Petrochemicals Ltd. "The issue of the next round of waiver is being dealt with at a diplomatic level," a senior oil ministry official told S&P Global Platts on the sidelines of the Petrotech conference. Let's wait and watch how things turn out at the diplomatic level," Emkay Global Financial Services' senior oil and gas analyst Sabri Hazarika said.ĭelegates said that while private refiners Reliance and Nayara had largely stayed away from buying Iranian oil, most Indian state-run refiners were still going ahead with their planned purchases despite uncertainty over whether they would manage to get a waiver extension. "The market expects an extension of the US waiver, with some volumes being cut. They may not have to completely stop purchases, when the first six-month waiver expires. With New Delhi working on an alternative payment method for shipping in Iranian oil, Indian state-run refiners are hoping that they might have to replace only a part of their Iranian purchases with cargoes from other origins. Xiaomi, Samsung, Oppo and Vivo - phonemakers that currently lead the market in India - have been locally producing smartphone lineups as well as a range of other gadgets in the country for several years.Receive daily email alerts, subscriber notes & personalize your experience. Google’s rival, Apple, began assembling iPhones in India five years ago and is expected to start producing the iPhone 14 lineup in the country later this year. Nikkei Asia reported that Google was also planning to move some Pixel manufacturing to Vietnam. Like Apple, Google has also been moving some of its manufacturing efforts outside of China. The company hasn’t taken a final call on moving some Pixel manufacturing to India, the report cautioned. Moreover, the Indian government also offers a range of incentives to firms locally producing hardware in India. By locally producing the phones in the country, it will be able to avoid the heavy import duty New Delhi currently levies on its smartphones. Google has skipped launching the flagship versions of its phone in India for the past three years, instead focusing on serving the market with the mid-range a-series lineup. It will also likely help the company improve the sales of Pixel smartphones in the country, which is the company’s largest market by users and where it has committed to spend $10 billion over the course of a few years. If Google moves ahead with the plan, it signals the company’s growing commitment to its smartphone business. The proposed bid accounts for Pixel’s 10-20% of annual production, the report added. The Android-maker has solicited bids from manufacturers to assemble between 500,000 and 1 million units of the Pixel smartphone, The Information reported Monday.
#Modest eyes indian series
Google is eyeing moving some production of its Pixel smartphone lineup to India, according to a report, the latest in a series of phonemakers with growing ambitions to locally assemble their handsets in the world’s second largest market.
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