Iran warns india :It will stop oil supply from Aug if dues not cleared

[bravo]

http://news.in.msn.com/business/article.aspx?cp-documentid=5301303

New Delhi/Tehran, July 19 (PTI) Coinciding with US Secretary of State Hillary Clinton''s India visit, Iran today issued a new warning that it will halt crude oil supplies to India from August unless a mechanism is found to clear past dues.
India owes over USD 5 billion to its second largest crude oil supplier after Saudi Arabia, and is hoping an alternative to pay for 12 per cent of its import will be found soon.
"If the Iranian side feels it cannot receive the money for its exported oil punctually and under desirable conditions, it will reconsider" its crude exports to India, Iranian foreign ministry spokesman Ramin Mehmanparast was quoted by AFP as saying at his weekly press conference in Tehran.
Officials at the Oil Ministry said past payments will be cleared the day Finance Ministry and the Reserve Bank of India agree to conduit and currency for routing the payments.
"The matter is pending with the Department of Economic Affairs and we hope they will be able to find a solution at the earliest," Minister of State for Petroleum and Natural Gas R P N Singh told PTI in New Delhi.
Iran has been supplying some 400,000 barrels a day of crude to India on credit since late December last year when RBI scrapped a long-standing mechanism to pay for import from the Persian Gulf nation using a clearing house system run by regional central banks.
On June 27, National Iranian Oil Co (NIOC) had written to refiners like Mangalore Refinery and Petrochemicals Ltd and Essar Oil, who are the principal buyers of Iranian crude, demanding that a mechanism be put in place to pay for its oil supplies, failing which supplies will be stopped from August.
"In between we were able to make some payments via Germany... the outstanding has shot past USD 5 billion," Singh said, adding India cannot replace its second largest supplier of crude oil overnight.
Some in the government did not see much in the new ultimatum saying Iran was making noise because Clinton was in New Delhi.
The UN sanctioned regime in Iran can ill-afford to lose its second-biggest crude buyer after China, accounting for about 20 per cent of its exports. "Without India, Iran will be left with just China and Korea as buyers," an official said.
As an alternative to Asian Clearing Union (ACU), India is trying to route payments through Turkey and Russia even as oil ministry insists the only option left with New Delhi was to pay in its own currency, rupee.
Korea and China use their own currency to pay for Iranian imports. Iran buys cars and several other commodities including heavy equipment from the two nations from the payments it earns from oil sales. .

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Iran gone crazy (yapping)

 

[Mullah Omar]

Iran gone crazy? how so? You have $5 billion overdue payments. Iran can't keep giving you oil if you can't pay.

 

[GraanG2]

Hahaha...India gone more crazier ....Pay the bills and get the oil..Simple.:lol:

 

[siddique]

http://news.in.msn.com/business/article.aspx?cp-documentid=5301303

new delhi/tehran, july 19 (pti) coinciding with us secretary of state hillary clinton''s india visit, iran today issued a new warning that it will halt crude oil supplies to india from august unless a mechanism is found to clear past dues.
India owes over usd 5 billion to its second largest crude oil supplier after saudi arabia, and is hoping an alternative to pay for 12 per cent of its import will be found soon.
"if the iranian side feels it cannot receive the money for its exported oil punctually and under desirable conditions, it will reconsider" its crude exports to india, iranian foreign ministry spokesman ramin mehmanparast was quoted by afp as saying at his weekly press conference in tehran.
Officials at the oil ministry said past payments will be cleared the day finance ministry and the reserve bank of india agree to conduit and currency for routing the payments.
"the matter is pending with the department of economic affairs and we hope they will be able to find a solution at the earliest," minister of state for petroleum and natural gas r p n singh told pti in new delhi.
Iran has been supplying some 400,000 barrels a day of crude to india on credit since late december last year when rbi scrapped a long-standing mechanism to pay for import from the persian gulf nation using a clearing house system run by regional central banks.
On june 27, national iranian oil co (nioc) had written to refiners like mangalore refinery and petrochemicals ltd and essar oil, who are the principal buyers of iranian crude, demanding that a mechanism be put in place to pay for its oil supplies, failing which supplies will be stopped from august.
"in between we were able to make some payments via germany... The outstanding has shot past usd 5 billion," singh said, adding india cannot replace its second largest supplier of crude oil overnight.
Some in the government did not see much in the new ultimatum saying iran was making noise because clinton was in new delhi.
The un sanctioned regime in iran can ill-afford to lose its second-biggest crude buyer after china, accounting for about 20 per cent of its exports. "without india, iran will be left with just china and korea as buyers," an official said.
As an alternative to asian clearing union (acu), india is trying to route payments through turkey and russia even as oil ministry insists the only option left with new delhi was to pay in its own currency, rupee.
Korea and china use their own currency to pay for iranian imports. Iran buys cars and several other commodities including heavy equipment from the two nations from the payments it earns from oil sales. .

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iran gone crazy (yapping)

yes someone gone crazy guess who ????its india!!!!
You owe people money now they are asking for it, and 5billion is hell of a money!!!!u must have gone crazy,
could u pls tell me if baniya would lend any body 5 billion us $!!!!!no chance in million years!!!!
As for iran "hor chuppo"

 

[ASQR1]

India is up to its old tricks again, but wait, when did they stop being tricksters, never, they believe in lies. cheating. Kashmir's oppression and divide and rule it huge populous

 

[shamsheer]

India is up to its old tricks again, but wait, when did they stop being tricksters, never, they believe in lies. cheating. Kashmir's oppression and divide and rule it huge populous

BCCI is the only cricket board that is not in the favor of third umpire action replay review of decisions. another example of cheating lovers.

http://www.bbc.co.uk/urdu/sport/2011/06/110611_india_veto_sport_ar.shtml

 

[bravo]

yes someone gone crazy guess who ????its india!!!!
You owe people money now they are asking for it, and 5billion is hell of a money!!!!u must have gone crazy,
could u pls tell me if baniya would lend any body 5 billion us $!!!!!no chance in million years!!!!
As for iran "hor chuppo"

its not about not having money ..but its related to american sanctions !!India cant pay them due in dollar,euro;since all european,american banks gave up trading with iran :(

India buy 15% of oil export and it has enough money to pay it back ,but question is how to pay them back (bigsmile).
All iranese companies are under strict sanction !!

indian foreign policy is slipping !it needs to protect its interest in middle east!!india should have good relations with iran,since its immediate neighbor of afganistan,pakistan and its gateway for central asia!!

But in that case iran must make some ways for the common currency !!indian rupee or UAE dirham are the only ways forward..india could also go for chinese yuan or south korean won !!jewish lobby forced germany banks with big sanctions once RBI indian wanted them to transfer due in euro to iran!!

May be ,iran should be allowed to invest in some sectors ,which can help to avoid off this skirmish

 

[Bombaybuz]

Every serious instt: have this study even five years back that the kind of boom India bought in the economy won't last cause the sort of energy sources required ... India will not be able to generate them internally and with no valid progress in gas pile lines from central Asia or Iran ... India will start to feel the heat or the lack of it soon enough and now here comes this statement from Iran, though this will demand of Iran will be manageable by India but this sort of dependency on other countries and that also on the counties of the opposite block will always keep a check n control on India... and exit of america from the region will be quite alarming for India and its shinning.

 

[gazoomartian]

Iran gone crazy? how so? You have $5 billion overdue payments. Iran can't keep giving you oil if you can't pay.

what do you expect from a free loader nation hahahahah I thought only Pak was like that

with $400B in cash reserve, India is holding back $2B. Purely a bunya nation

 

[Unicorn]

It would be good if they stop the shipments. It is to much of a hassle to deal with them it is not easy to pay them when US has imposed sanctions on Iran. Hopefully Saudi Arabia would replace them and it will become a lot easy to pay them.

 

[bravo]

It would be good if they stop the shipments. It is to much of a hassle to deal with them it is not easy to pay them when US has imposed sanctions on Iran. Hopefully Saudi Arabia would replace them and it will become a lot easy to pay them.

its just false signal!!

India buys 15% of iran oil...Iran cant risk their business!!the money is safe but iran cant fetch them because of no common currency!

India should continue to buy oil from iran :) Its good for india..lets not be too dependent on saudi arabia,although india should surely pressurize saudi to funnel their petrodollars investment in india!!

Give us investment,we buy you oil (bigsmile) Iran wont be allowed to invest in india due to global sanctions,meanwhile india should continue to have oil trading with iran in rupee or iranese currency which is too difficult due to balance of trades in their favor;may be dubai currency since india have good relations with uae (serious)

 

[ASQR1]

its not about not having money ..but its related to american sanctions !!India cant pay them due in dollar,euro;since all european,american banks gave up trading with iran :(

India buy 15% of oil export and it has enough money to pay it back ,but question is how to pay them back (bigsmile).
All iranese companies are under strict sanction !!


indian foreign policy is slipping !it needs to protect its interest in middle east!!india should have good relations with iran,since its immediate neighbor of afganistan,pakistan and its gateway for central asia!!

But in that case iran must make some ways for the common currency indian rupee or UAE dirham are the only ways forward..india could also go for chinese yuan or south korean won !!jewish lobby forced germany banks with big sanctions once RBI indian wanted them to transfer due in euro to iran!!

May be ,iran should be allowed to invest in some sectors ,which can help to avoid off this skirmish

May be India should pay in gold reserves it asked and got from U.S. Bullion's of gold, simple, straight forward and practical as it will not be a currency of any country. But than why could Indians not think of this, if they are as smart as they say they say they are.

What gives.

 

[bravo]

May be India should pay in gold reserves it asked and got from U.S. Bullion's of gold, simple, straight forward and practical as it will not be a currency of any country. But than why could Indians not think of this, if they are as smart as they say they say they are.

What gives.

Iran refused it in january this year unlike indians,iranese dont use much gold!!

India and china are largests spender on gold!!
Indian citizens have 16% of totals world public gold!!