Indian oil refiner Chennai Petroleum part-owned by Iranian company cancels Iran oil imports
Updated : September 20, 2018 02:50 PM IST
Iran's Naftiran Intertrade Co Ltd, a trading arm for state-owned National Iranian Oil Co, owns a 15.4 percent stake in Chennai Petroleum, which has two refineries with a total combined capacity of 230,000 barrels of oil per day (bpd).
In May, US President Donald Trump pulled out of an international nuclear deal with Iran and announced new sanctions against the country, the third-largest producer among the Organization of the Petroleum Exporting Countries (OPEC).
Washington is pushing allies to cut Iranian oil imports to zero once the sanctions on the petroleum sector start up on November 4.