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Iran Resumes Crude Supplies to Indian Refineries.

Summary: TEHRAN (FNA)- A senior Iranian oil official confirmed on Sunday that the country has received the first part of the Indian firms' debt payment, adding that Iran has restarted exports of crude to those Indian refineries which have settled their accounts.

"We have started exports of oil to those Indian refineries which have settled their accounts," Manager of the National Iranian Oil Company (NIOC) for International Affairs Seyed Mohsen Qamsarri told FNA.

Qamsarri announced that all Indian refineries have started paying their oil debts to Iran, and added that the country has received more than one million euro of its debts so far.

Iran halted oil supplies to India on August 1 due to continued overdue payments.

Since December, India and Iran have been struggling to find ways for New Delhi to pay for imports of 400,000 barrels per day, 12 percent of its oil demand, after the Reserve Bank of India halted a clearing mechanism under US pressure.

Earlier reports said that Indian refiners such as Mangalore Refinery and Petrochemicals (MRPL) have opened rupee accounts in the New Delhi branch of Union Bank of India, which will route euro payments to state-owned Turkiye Halk Bankasi (Halkbank) in Istanbul.

Halkbank will then transfer that money to the account of NIOC, sources involved in the process said.

Meantime, Press Trust of India quoted Indian Finance Minister Pranab Mukherjee as saying that India is making regular payment for Iran crude oil.

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Publication:FARS News Agency
Geographic Code:9INDI
Date:Aug 14, 2011
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