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Oil payment row with Iran settled, supply not hit: Reddy
Friday December 09, 2011 03:42:31 PM,
IANS
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New Delhi: India has
amicably settled the oil payment row with Iran and there is no
disruption in supply, Petroleum and Natural Gas Minister S. Jaipal
Reddy said Friday.
"The oil payment issue with Iran has been settled," Reddy told
reporters on the sidelines of the 3rd India-Africa Hydrocarbons
conference here.
Reddy said there is no disruption in supply of oil from Iran and
all the committed contracts are on schedule.
Iran is the second largest oil supplier to India after Saudi
Arabia; India imports an average 400,000 barrels per day of oil
from Iran that accounts for almost 12 percent of country's total
import.
India and Iran have been struggling to find a permanent solution
to settle their bilateral trade bill for the last one year. The
Reserve Bank of India last year scrapped a clearing house
mechanism with Iran, resulting in payment impasse.
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