Iran's Foreign Ministry Spokesman Bahram Qasemi said on Friday that his country has "no concerns" over the upcoming USA sanctions on its crude sales and banking sector.
"I can't say there will be a waiver or no waiver, but definitely we are hopeful that we will have some sort of clearance to continue with Iran", said Sanjiv Singh, Indian Oil chairman.
Israel's prime minister has praised the restoration of US sanctions on Iran that were lifted under the 2015 nuclear deal.
The United States has not succeeded in persuading global financial institutions and companies to follow its sanctions against Iran, he noted.
Indian Oil has a deal to buy up to 9 million tonnes of Iranian oil in the 2018/19 financial year.
The United States has said that while their goal remains to completely put an end to Iran's oil exports, it is considering exemption of certain nations, that purchase oil from Iran, from their proposed sanctions. India and other key importing countries have been engaged for months with the U.S. for a waiver.
An Indian government source told Reuters the United States could announce a waiver for New Delhi on Sunday.
How companies will pay for Iranian oil is still being negotiated between India and Iran, sources said, adding that it's likely that the two countries will stick to the existing mechanism under which 55% of payment is made in euro and 45% in rupee through UCO Bank. India prefers Iranian oil as it comes cheap and suits many refineries' technical configuration.
"If the requirement for dollars is less, it helps", Sharma said.