Asserting that India was not facing any problem in making payments for the import of crude oil from Iran, Petroleum and Natural Gas Minister Jaipal Reddy on Wednesday warned that the country needed to be prepared for all eventualities.
'No oil payment problem with Iran' - The Hindu
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Asserting that India was not facing any problem in making payments for the import of crude oil from Iran, Petroleum and Natural Gas Minister Jaipal Reddy on Wednesday warned that the country needed to be prepared for all eventualities. “We continue to be optimistic. Iran continues to be positive. However we have to be prepared for all eventualities,” Mr. Reddy told journalists after inaugurating Oil and Gas Conservation Fortnight 2012 here on Wednesday. Oil marketing companies (OMCs) are at present making payments through Turkey's Turkiye Halk Bankasi AS, the bank through which India routes payments in euro to Iran for about 3.70 lakh barrels a day of crude oil supplies. “Turkey has informed us that it will not like to open new accounts but continue to service existing accounts through which payments are routed to Iran. Not a single payment has defaulted since India began using the Turkey conduit in July last year,” a senior official said.'No oil payment problem with Iran' - The Hindu
