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Saturday, July 2, 2011

INDIA's OIL OWES: Iran says could halt oil supplies to India in August!

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Updated at Fri, Jul 01, 2011 at 18:37 / Published on Fri, Jul 01, 2011 at 16:09 |  Source : Reuters.

Iran says could halt oil supplies to India in August

National Iranian Oil Co (NIOC) has said it will halt supplies to Indian refineries in August if the two countries have still not found a way to make payments for their USD 12 billion a year oil trade, three industry sources said on Friday.
NIOC, which exports about 400,000 barrels per day (bpd) to India -- 12% of its needs -- set the deadline on the long-running discussions in a letter dated June 27 to Indian refiners, the sources, who requested anonymity, told Reuters.
"We regret to inform you that NIOC would hardly be in a position to deliver the Iranian crude oil to our partners in India ... in August 2011 unless concrete solutions are worked out for remittances of NIOC's dues," the letter said, according to two sources who have seen the letter.
01) India should do what is in its best interests and not what suits US and / or EU!
02) The short fall of Crude will not be given to us by US and / or EU.
03) Iran has been a good and reliable friend of India and it also doesn't have any civic unrest like Syria, Libya, Bahrain, et al.
04) Finally, India should rapidly overgrow its need of Petroproducts by switching over to the more sustainable fuels and as well as conservation of resources throgh eliminating wastages!


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