Article Image

IPFS News Link • Iran

Iran wants to get paid for its oil

• http://www.businessinsider.com, Charles Kennedy

Under sanctions, Iran was limited in how it could sell its oil and accept payment, but now that payment channels have been reopened, Tehran is seeking past dues in euros, particularly from Indian-based refiners such as Essar Oil, Mangalore Refinery and Petrochemicals Ltd (MPRL).

And India, for its part, has every reason to pay these past dues if it hopes to take its new energy relations with Iran to the next level.

Iran has made clear that it will continue to increase output until it has regained much of the market share it lost under sanctions. It wants to pump 4 million barrels a day—up from 3.3 million at present.

India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases in the post-sanctions environment.


thelibertyadvisor.com/declare