Reliance will import 25% less crude from Iran

Dubai/Singapore: Reliance Industries will import about 25 per cent less crude oil on contract from Iran in 2009, sources familiar with the supply deal said on Monday.

Reliance will buy 90,000 barrels per day (bpd) of Iranian crude on term contract this year, down from 120,000 bpd in 2008, oil industry sources said.

It was unclear why India's largest refiner would cut contract purchases from the world's fourth-largest oil exporter in a year when Reliance needs more crude to feed its giant new 580,000 barrels per day (bpd) Jamnagar refinery.

Source: http://sify.com/finance/equity/