Mangalore Refinery and Petrochemicals would take all necessary steps for recommencement of import or processing of Iranian crude oil in its refinery.
This information was given by PP Upadhya, Managing Director of MRPL in a June 29 letter to Oil Secretary Vivek Rae, media reports suggest.
The company stopped import of oil from Iran after local insurers said they could no longer cover plants that process Iranian crude.
But later, the company received local reinsurance for claims of up to Rs 5 billion ($84.14 million). Therefore, the firm plans to resume import of oil from Iran.
Earlier, local reinsurance firms refused to give cover for refineries processing crude oil from Iran owing to sanctions from Washington and from the European Union.
Meanwhile, Essar Oil continues to import oil from Tehran, after taking a legal advice that sanctions by European Union, where most of the reinsures are located, were not applicable.
Upadhya, who had earlier said MRPL plans to import 80,000 barrels per day in the current fiscal year, declined to comment on the letter.