Iran Says No Shipment for Indian Customers Until Outstanding Bills Are Paid
Iran is reported to have told customers in India that they would not receive shipments next month until outstanding bills are paid, as Indian refiners have expressed that the global sanctions against Iran regarding its nuclear program, made banks reluctant to transfer oil payments.
Also, Iran might stop exporting oil to India from the 1st of August, and the country is yet to issue export permits for crude shipments to India for August, as India owes $5 billion for oil shipments.
However, Saudi Aramco, the largest crude exporter in the world, is said to have told refiners in India, it could replace some of the Iranian crude, though the Dhahran-based company gave no response when an e-mailed was sent to them requesting for comments on the issue.
India imports around 21 million metric tons of crude from Iran yearly, making it the country’s second-biggest supplier after Saudi Arabia. S. Sundareshan, former Petroleum Secretary of India, said: “The total oil trade between India and Iran is worth $9.5 billion a year”.
Moreover, the biggest Indian buyer of Iranian crude is Mangalore Refinery & Petrochemicals Ltd. along with Essar Oil Ltd., Hindustan Petroleum Corp., Indian Oil Corp. and most of the bosses have refused to comment on the present situation.
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