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Deputy Minister: Iran Imports Wheat from 7 Countries despite Sanctions.

Summary: TEHRAN (FNA)- Deputy Minister of Industry, Mine and Trade Abbas Qobadi downplayed the effects of the western sanctions on Iran's banking sector, and said the country has managed to import wheat from 7 states despite economic embargos and financial restrictions.

"Iran has imported wheat from 7 countries," Qobadi said, adding that Iran has stored large volumes of 9 strategic goods which are enough for the nation's consumption in the next 1.5 years.

He also dismissed the western media reports that Iran barters wheat for oil, and stressed that all the country's purchases have been done through opening Letters of Credit (LCs).

In relevant remarks in October, Indian Food Minister K V Thomas announced that Iran will likely import two hundred thousand tons of Indian wheat during the December-January period.

"Our officials have just returned from Tehran. They were informed that the issue of Karnal Bunt, a fungal disease, will be resolved soon. It is their internal problem and they will sort it out soon," the minister said.

He said initially Iran wants to buy two hundred thousand tons of wheat at a price of $325 a ton during the December-January period, Business line reported.

"Internationally our wheat is accepted. We export to 25 different countries," Thomas said.

Iran wants to step up trade with India, particularly in food products through a bilateral payment arrangement. The wheat export transactions will be done through the UCO Bank in India, Business line said.

The Indian offer placed before the Iranian officials included the shipment at $340 a ton, loading from Kandla and Mundra ports and the Karnal Bunt tolerance limit of 0.25 per cent.

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Publication:FARS News Agency
Geographic Code:7IRAN
Date:Nov 6, 2012
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