India's Hindustan Petroleum Corp. said on Wednesday it plans to buy 0.9 million tons of Iranian oil this year, Press TV reported.
The company imported 0.7 million tons of crude oil from Iran between April 2018 and February 2019, the director of refinery, M. K. Surana said.
Last month, Indian refiners began clearing their oil debt to Iran under a new payment mechanism which they put in place after the US reimposed sanctions on the Islamic Republic.
On May 8, US President Donald Trump pulled Washington out of the Joint Comprehensive Plan of Action (JCPOA), signed between Iran and P5+1 in July 2015, and reinstated the White House's unilateral sanctions against the Islamic Republic in two phases — both already in place.
India is Iran's second biggest oil customer after China and one of the eight countries which got US waivers late last year to continue crude oil imports from Iran for six months.
China, South Korea and Japan have also started importing oil from Iran but European nations have not responded yet to Tehran's offers to sell them crude oil despite having US waivers, Iran's Oil Minister Bijan Namdar Zanganeh said on Tuesday.
"No European country is buying oil from Iran except Turkey," he said at a news conference in Tehran.
"Greece and Italy have been granted exemptions by America, but they don't buy Iranian oil and they don't answer our questions."
Britain, France and Germany last week launched the Instrument in Support of Trade Exchanges (INSTEX), a system to facilitate non-dollar trade with Iran and avoid US sanctions.
Iranian officials have warned that the country would revise its relations with Europe if it did not benefit economically from INSTEX.
Zanganeh described the situation more difficult than the Iraqi-imposed war on Iran in the 1980s but said the country is finding creative ways to cope.
The US, he said, wants to zero Iran's export incomes but Iranian officials are doing their best to neutralize it.
His ministry has already offered oil on the Tehran bourse to bypass sanctions. Zanganeh said Iran now considers selling Islamic bonds to finance $6.2 billion worth of oil projects.
US sanctions have hindered the country's plans to develop its upstream sector, but they have also left the country to its own devices for development.
Last month, Iran marked a milestone of 100 million liters per day in gasoline production when the third phase of its most important refining project came online, making the country self-sufficient in the fuel.
According to Zanganeh, projects valued at more than $10 billion are in the pipeline at the giant South Pars Gas Field, in the southern Iranian province of Bushehr, where four gas processing plants will go on stream this winter with a capacity of 110 million cubic meters per day of natural gas.
Oil exports are a key source of revenue for Iran but the country faces umpteen hurdles for its repatriation.