iran halts oil supply but india plans to find
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Iran halts oil supply but India plans to find

Arab Today, arab today

Arab Today, arab today Iran halts oil supply but India plans to find

New Delhi - Arabstoday

India has a back-up plan to cope with a halt to crude supplies from Iran, its oil minister said, as the Islamic republic upped the ante in an oil payments row and Indian refiners rushed to secure alternative supplies, including from Saudi Arabia. Since December, India and Iran have struggled to find ways for New Delhi to pay for imports of 400,000 barrels per day or 12 percent of its oil demand after the Reserve Bank of India halted a clearing mechanism under US pressure. Praise from Washington That move won praise from Washington, which is using sanctions in a bid to get Tehran to halt its nuclear programme. Article continues below Indian firms Mangalore Refinery and Petrochemicals Ltd, Iran's biggest Indian client, BPCL, IOC, HPCL and Essar buy crude from the Islamic Republic, and their collective debt to Iran since the crisis broke out has risen to more than $5 billion (Dh18 billion). None of the five refiners have received a crude supply plan from Iran for August loading cargoes, officials and executives at the companies said on condition of anonymity. But Indian Oil Minister S. Jaipal Reddy said no oil shortages would result from Iran's halting supplies in August. "No. There will not be any shortage or problem. We have a back-up plan," Reddy told Reuters when asked if Asia's third-largest oil consumer would face problems now that Tehran has decided against supplying oil in August. Iran has told BPCL, HPCL and Essar that they will receive no supply in August, said a source at Saudi Aramco, which has been approached by these companies for extra volumes. IOC and MRPL have so far not asked for additional Saudi oil. MRPL is still hopeful it will get a late allocation from Iran, a company source said. Saudi volumes "BPCL, HPCL and Essar have told us that they have not received allocation [from Iran for August]. They did not get a response from Iran and they want to secure supplies," said an executive with Saudi Aramco, who declined to be named. ALTERNATIVES AVAILABLE Tehran had previously tolerated unpaid shipments as the price it had to pay to defend its crude market share. Tehran has already given an August crude supply plan to refiners in China, two Chinese buyers of Iranian crude said. Iran has so far not offered them additional August volumes. 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. But Indian firms can ill afford drawn-out uncertainty over supplies, analysts said. "They have to resolve it. If not this month, at least in the next month," Sushant Gupta of consultant Wood Mackenzie said. "I don't think that the availability of crude is an issue. There will be alternatives from the Middle East and West Africa. They have the flexibility to reschedule crude cargoes and have some inventories as well."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iran halts oil supply but india plans to find iran halts oil supply but india plans to find

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iran halts oil supply but india plans to find iran halts oil supply but india plans to find

 



GMT 07:24 2017 Wednesday ,13 December

Cutler shines as Brady, Patriots upset by Dolphins

GMT 14:18 2017 Monday ,02 January

SCCI, Serbia discuss economic cooperation

GMT 13:08 2017 Tuesday ,05 September

Singer Haifa Wahby will issue a new album

GMT 03:01 2017 Tuesday ,25 July

Suicide bomber in Solo identified as former head

GMT 16:42 2017 Sunday ,09 July

Ten hurt in Spanish bull running fest

GMT 05:21 2017 Sunday ,05 November

Red Cross admits $6-million fraud

GMT 15:53 2017 Wednesday ,01 November

Rugby injury to sideline Van Niekerk for nine months

GMT 02:12 2015 Saturday ,27 June

US satellite radio settles on use of old music

GMT 22:44 2017 Sunday ,18 June

Oman 'No1' in region for starting a business
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday