April 10, 2018 / 10:34 AM / a year ago

India's MRPL trims oil purchase deal with Saudi Aramco: sources

FILE PHOTO: A Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed/File Photo

NEW DELHI (Reuters) - India’s Mangalore Refinery and Petrochemicals Ltd (MRPL) (MRPL.NS) has cut its annual oil import deal with Saudi Aramco by about 22 percent to 70,000 barrels per day (bpd), two company sources said.

MRPL is instead looking to step up crude purchases from Iran, said the sources, declining to be named as they were not authorized to speak to the media.

“They were rigid in their approach and were asking us to offer bank guarantees for oil purchases,” said one of the sources.

Reporting by Nidhi Verma and Promit Mukherjee in NEW DELHI; Editing by Christian Schmollinger

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