Oil payment row with Iran settled, supply not hit: Reddy
India has amicably settled the oil payment row with Iran and there is no disruption in supply, petroleum and natural gas minister S Jaipal Reddy said today.business Updated: Dec 09, 2011 14:22 IST
India has amicably settled the oil payment row with Iran and there is no disruption in supply, Petroleum and Natural Gas Minister S Jaipal Reddy said on Friday.
"The oil payment issue with Iran has been settled," Reddy told reporters on the sidelines of the 3rd India-Africa Hydrocarbons conference in New Delhi.
Reddy said there is no disruption in supply of oil from Iran and all the committed contracts are on schedule.
Iran is the second largest oil supplier to India after Saudi Arabia; India imports an average 400,000 barrels per day of oil from Iran that accounts for almost 12% of country's total import.
India and Iran have been struggling to find a permanent solution to settle their bilateral trade bill for the last one year. The Reserve Bank of India last year scrapped a clearing house mechanism with Iran, resulting in payment impasse.