NEW DELHI: State-runMangalore Refinery and Petrochemicals Ltd said on Tuesday it was confident about resolvingoil payment issue with Iran soon.
"The effort in resolving payment issue with Iran is under progress. We are confident that an all-acceptable solution will be found shortly,"MRPL, which is Iran's top Indian client, said in a statement.
Since December, India and Iran have struggled to find ways for New Delhi to pay for imports of 400,000 barrels per day, 12 percent of its oil demand, after the Reserve Bank of India halted a clearing mechanism under U.S. pressure.
Top exporter Saudi Arabia has struck deals to sell 3 million barrels more oil to India in August, stepping into the vacuum created by regional rival Iran after it cut supply to New Delhi.
MRPL, which runs a 236,400 barrels per day (bpd) coastal refinery in southern India, buys about 150,000 bpd crude oil from Iran.
Success in my Habit
Showing posts with label MRPL. Show all posts
Showing posts with label MRPL. Show all posts
Tuesday, July 26, 2011
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