Oil supplies from Iran flowing smoothly, says Reddy
10 Dec 2011
Petroleum minister S Jaipal Reddy on Friday said that crude oil supplies from Iran are on schedule, despite concerted Western action against that country over its nuclear ambitions.
''As of now no supply bottlenecks have been faced … Iran is eager to supply crude oil to us,'' he told newspersons on the sidelines of the 3rd India-Africa Hydrocarbons Conference in New Delhi.
Iran is India's second-biggest crude oil supplier after Saudi Arabia, meeting about 12 per cent of its needs.
On the uncertainty over the mode of payment for the crude oil imports from Iran, the Minister said, ''The payment issue has been by and large settled.''
India and Iran have been working out a suitable payment mechanism for Iranian oil.
Uncertainties over the supplies from Iran emerged when last December, the Reserve Bank of India scrapped payments to Iran using the long-standing clearing house system run by Asian central banks.
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