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Latest News

Two Indian refiners will not get Iran oil in Aug-sources

India’s prolonged delay in paying for crude oil imports from Iran has now resulted in two Indian refineries not receiving anymore crude from the Islamic Republic in August - Reuters

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July 21, 2011 11:55 by



Two Indian refiners will not get crude from Iran in August, sources at the two companies said on Thursday, after Tehran warned it would stop supplies as outstanding debts in a long-running payment issue mount to over $5 billion.
While one of the refiners has been told by Iran that there will be no supplies in August, the other has made alternative arrangements as it heard nothing from the Islamic Republic after a letter on June 27 threatening to halt supplies.
“Since there was no communication from Iran after June 27, we assumed there would not be any supplies in August and accordingly made arrangements. They have not made any allocation for us,” said one of the sources.
India and sanctions-hit Iran have been trying to find ways for New Delhi to pay for 400,000 barrels per day (bpd) or 12 percent of its crude imports since December 2010 when the Reserve Bank of India halted use of a clearing mechanism under US pressure.
After the warning by Iran, Indian refiners are seeking extra barrels from elsewhere, including their top supplier, Saudi Aramco, and the United Arab Emirates.
US Treasury officials are working with India to end the impasse and a solution is in sight, a US  official said on Wednesday as Secretary of State Hillary Clinton visited India. (Reporting by Nidhi Verma; Editing by Jo Winterbottom)



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