01 Jul '11, 3pm

StraitsTimes - Iran threatens to stop India oil supplies #iran #india /@iran_letter #IranElection

NEW DELHI - IRAN has warned India it could stop oil supplies from August if New Delhi fails to clear long-pending dues and are unable to formulate a new payment system, Dow Jones Newswires reported on Friday. The report quoted unnamed executives at two Indian refinery companies who said they had received a warning letter from the National Iranian Oil Company. 'They are saying supplies can be halted,' an executive at Mangalore Refinery & Petrochemicals Ltd said. Iran, which is under sanctions over its nuclear programme, is the second-largest crude supplier to India after Saudi Arabia and delivers up to 14 per cent of the emerging Asian giant's oil import needs. India imports around 80 per cent of its crude oil. Iran and India have been trying to negotiate a new payment mechanism after the latter's central bank ruled that the Asian Clearing Union house could not be used due ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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