The Iranian oil imports are vital to some Indian refineries. Indian government had devised alternate ways to provide insurance to the tankers. There was limited sovereign guarantee to its insurance companies.
Indian Oil Corporation is the largest importer. For the financial year ending in March next year it plans to import 1.2 million tons of Iranian oil.
An Indian delegation of senior officials from various ministries is expected to visit Iran soon to discuss the oil payment mechanism. India is now expected to clear all dues to Iran for crude oil exports in foreign currency against the earlier agreed part payment in Indian Rupees.
Officials say India is likely to move swiftly and import more crude oil during this period so that it does not have to import oil from other countries which would make it difficult for it's refineries to process as they have been designed to process crude from Iran. India also does not need to use its reserves to meet its growing energy needs.
Bilateral trade between the two countries that is around 15 billion dollars at present is also expected to cross $ 20 billion during the period.
Analysts say now both countries will see greater opportunities to boost smoother trade and open more business channels without financial restrictions in coming months.
Source:- presstv.ir
No comments:
Post a Comment