Bloomberg News

Iran Won’t Halt Oil Supply to India After Warning, Official Says

July 03, 2011

July 3 (Bloomberg) -- Iran’s oil exports to India are continuing with no plans to halt supplies after a warning to the neighboring country over delays in paying for imported crude, an Iranian Oil Ministry official said.

“A warning was sent to indebted refineries but sending this letter doesn’t mean Iran’s oil exports to India were cut,” Mohsen Qamsari, the National Iranian Oil Co.’s head of international affairs, told the Oil Ministry’s news website, Shana. “We have no intention of halting our supplies to the Indian market.”

A Wall Street Journal report published July 1 cited two Indian refiners as saying that Iran warned it will stop oil supplies starting next month if pending bills aren’t cleared. NIOC made the warning in a letter requesting a sustainable mechanism for making payments, the WSJ reported.

Indian refiners owe Iran about $2 billion over oil imports due to complications on making payments to the Persian Gulf country. Iran is under international sanctions over its nuclear program, and punitive measures include restrictions on financial transactions with the country.

--Editors: Kristen Hallam, Andrew Reierson

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus