Iranian Oil

  • India could save $8.5 billion by buying extra Iranian oil: Veerappa Moily September 2, 2013

    India could save $8.5 billion in foreign exchange spending on crude oil imports in 2013/14 if it relied more on supplies from Iran, which is able to accept payment in rupees, Oil Minister M Veerappa Moily said. In a letter to Prime Minister Manmohan Singh spelling out a strategy to curb...
  • Govt plans reinsurance fund to cover refiners using Iranian oil March 24, 2013

    New Delhi: Government's plans to set up a fund to back local insurers providing cover for refiners processing Iranian oil after companies warned they would be forced to halt imports from the sanctions-hit nation, the federal oil secretary said on Sunday. Mangalore Refinery and Petrochemicals Ltd and Essar Oil have said...
  • US in talks with India on Iranian oil import March 23, 2012

    Washington: The US is in touch with several countries including India and Turkey to how to "significantly reduce" their dependence on Iranian oil to avoid American sanctions in this regard, a State Department official said. "We are working hard with India to see if we can help with regard to reducing...
  • India, Iran resolve oil payment row August 1, 2011

    New Delhi: India has resolved an oil payment dispute with its second biggest supplier Iran through bilateral negotiations and agreed to settle the outstanding bills as soon as possible, officials said. "Following bilateral negotiations, the two sides agreed to settle the outstanding bills as soon as possible," Ahmed Qalebani, managing director...