Indian refiner’s eyes Iranian oil replacement

22 December 2011: Indian companies have launched talks with alternative suppliers to slowly replace Iranian oil, fearing their current mechanism for payments to Tehran for some 350,000 barrels a day (bpd) via Turkey could soon succumb to sanctions.

India is already looking for alternatives, as Halkbank, the Turkish bank handling some transfers, refused to open an account for Indian refinery Bharat Petroleum. Indian refiners are also upset that Iran has asked them to pay about $15m (approx Rs.79 crore) as interest on delayed payments in the first seven months of 2011 when they could not transfer funds.

Source: Ameinfo