NEW DELHI: Indian refiners are holding back from ordering Iranian oil for loading in May pending clarity on whether Washington will extend a waiver from US sanctions against the OPEC-member, four sources said.
In November, US President Donald Trump withdrew from the 2015 Iran nuclear deal and re-imposed broad economic sanctions.
Washington, however, gave a six-month waiver to eight nations including India, allowing them to import some Iranian oil until early May. India, Iran’s top oil client after China, was allowed to buy about 9 million barrels a month.
India hopes to get clarity in seven to 10 days on any extension of the waiver, as well as the amount of oil that could be purchased if an extension is given, the sources said.
“We don’t know about US thinking, whether they will allow India to buy oil or not,” said one of the sources, all of whom declined to be named due to the sensitivity of the issue.
Under the current waiver, India can buy about 300,000 bpd of Iranian oil — about half the amount before the sanctions were imposed — and New Delhi wants to keep buying Iranian oil at that level, Indian sources said last month.
Since November only state-run Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum and Mangalore Refinery and Petrochemicals have been buying Iranian oil.
State-refiners and India’s oil ministry did not respond to Reuters request for comments.
Brian Hook, the special US envoy for Iran, in March said Washington is pursuing its plan to bring Iranian crude exports to zero. Last week Hook said three of eight importers granted waivers by Washington have cut shipments to zero.
“Sanctions against IRGC (Islamic Revolutionary Guard Corps) have also added to the uncertainty over supply of Iranian oil ... in the current scenario when enough alternatives are available it is better to wait for a clarity,” said another of the sources.
Trump on Monday designated Iran’s Guards a foreign terrorist organization. Iran’s president Rouhani said Tehran will resist US pressure and hailed IRGC as defenders of Iranians.
India delays order for Iran oil, pending sanctions waiver clarity
India delays order for Iran oil, pending sanctions waiver clarity
- India expects the US waiver to be released in 7-10 days
- US gave 8 nations a six-month waiver to purchase Iranian oil
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
