Iranian company finishes $235 mln offshore project in India

Azerbaijan, Baku, Aug.14 / Trend F.Milad / Iranian Offshore Engineering and Construction Company (IOEC) has completed building an offshore platform for the Indian Oil Corporation, the IRNA news agency reported on Monday. The project, dubbed as the D1-Development, was the fourth project which was implemented by 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, he noted. 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.