Iran has ended free shipping of crude oil to India and also terminated old system of getting amount for half dues in rupees. The Persian Gulf nation is now
insists to pay in Euros for the oil it sells to Indian refiners. It
also wants refiners like Essar Oil, Petrochemicals Ltd (MPRL) and Mangalore Refinery to clear nearly USD 6.5 billion of past dues in Euros, an officials
said. Iran in November 2013 offered
free delivery of crude oil to Indian refiners as tough western sanctions
crippled its exports. With shipping lines refusing to transport Iranian crude
for fear of being sanctioned, Iran used its shipping line for the delivery and
did not charge for transportation.
The National Iranian Oil Company
(NIOC) has communicated to Indian firms by saying that it will no longer be shipping oil for
free, an official said. It will continue to ship the
oil in its tankers but will charge a discounted tariff. Iran however has offered 90-days credit period and payment becomes due
only after 90-days of invoice being raised.
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