Iran’s IOEC finishes $235m offshore project in India

TEHRAN,Aug.15(MNA) - Iranian Offshore Engineering and Construction Company (IOEC) completed the building of an offshore platform for the Indian Oil Corporation. The project, dubbed as the D1-Development, was the fourth project to be implemented by the Iranian Offshore Engineering and Construction Company in India, the IOEC deputy head said. This is while the IOEC is also busy with developing Iran’s South Pars gas field’s phases 12, 15, 16, 17, and 18, Amir-Saeid Najafi Haqqi said. India has allowed state refiners to import Iranian oil, with Tehran arranging shipping and insurance, from July 1, keeping purchases of over 200,000 barrels per day (bpd) flowing after European sanctions hit insurance for the cargoes, according to Reuters. India, one of Iran's biggest crude buyers, has just secured a waiver from U.S. sanctions which target Tehran's nuclear ambitions by cutting imports over 20 percent.