Mangalore Refinery and Petrochemicals, a subsidiary of India’s Oil and Natural Gas Corporation (ONGC), expects India to receive this month a waiver from the U.S. sanctions on Iranian oil, Mangalore’s Managing Director M. Venkatesh said on Tuesday. “It is important for India to get some barrels of crude from Iran otherwise if Saudi and major producers are not able to jack up their production, it will impact prices,” Reuters quoted Venkatesh as saying on the sidelines of an India energy forum. Mangalore Refinery and Petrochemicals will be looking to purchase crude oil from Iraq to replace oil from Iran, the official said. The company has already paid for some Iranian oil purchases in Indian rupees, he added. India is Iran’s second-largest single oil customer after China and was expected to cut back on Iranian oil purchases, but it is unlikely to cut off completely the cheap Iranian oil that […]