Iran announced today that the oil payment dispute with India has been resoled. The National Iranian Oil Company (NIOC) Managing Director Ahmad Ghalebani said India will pay part of its overdue invoices in the next few days, with the balance to be paid incrementally in the future. Ghalebani did not disclose the details of the payment terms.
“Following bilateral negotiations, the two sides agreed to settle the outstanding bills as soon as possible," Ghalebani said. “Part of the arrears will be paid in the next few days and the remaining part will be paid by the Indian customers gradually,” he added [SHANA, 31 July].
Ghalebani said oil exports to India will resume as usual. India buys about 400,000 barrels of Iranian crude per day.
This is good for India as it does need to jeapordize its relations with Iran considering the new strategic balance in the Asian millenium. Iranian oil is irreplaceable anyway as there are no alternate suppliers for India as global demand in Asia, particularly China rises by about 16% a year and in India by about 10% as millions of new cars in both giant nations hit the streets.
ReplyDeleteIran already supplies India with over 12% of its total needs and by losing its secure and preferential Iranian oil supplies, Indian economy which is already fragile with over 11% real inflation (food, energy and housing) would have simply collapsed.
It is good to see Iran act as a great power and deal with deadbeats in a firm manner. Hopefully, India will now recognize the Iranian red-line in how far it can kow-tow to US dictates. US is another total deadbeat and bankrupt economy with ZERO economic clout. The flight of global investors from the worthless US peso is another good indication of pathetic US state of affairs and $15 TRILLION debt.
Indians are not that naive to put their eggs in one basket and alienate an energy and geo-strategic superpower like Iran.
That's it Iran.
ReplyDeleteMake a lot of noise and settle for India's telling you "The check's almost in the mail... or it will be pretty soon, probably."
---"geo-strategic superpower like Iran."---
ReplyDeletewhy not call Iran an intergalactic superpower...if you're going to spew bullshirt, go all the way!!
that is only a temporary solution
ReplyDeleteThe Problem will remain and continue
you can not hablde all your Billions € Transactions via a smal tuk bank
@Anno July 31, 2011 10:01 PM
ReplyDeleteIndia debpt to -_Iran is about 7-9 billion $
That is not only a lot of noise.
That is a seriuos problem.
which is already unsolved.
They found only a temporary solution.
But, but, but, but i thought the Saudis would replace Iran? Wasn't that the hype?
ReplyDeleteWill this be the end of all the theories about Saudi ability to increase it production capacity?
Meanwhile India succeeds in making itself look foolish. How could they ever hope to compete with the Chinese?
The situation is more complex than reported by NIOC. A senior official at the oil ministry told Fars News Agency on Monday that the suspension of oil exports to India is still in effect. The only exception, the ministry said, is an Indian refiner, Mongalore Refinery, which is paying up its overdue invoices and Iran restart selling oil to that company.
ReplyDeleteThese types of contradictory reporting coming out of Iran are becoming typical these days, and I suggest to all readers to be careful using any particular report as the basis of their analysis.
@Anon July 31 8:08 PM...Iran has just been screwed by India and China by owing Iran nearly $30 billion and rising and you say that Iran has economic and strategic clout.Then you babble ahead about the US with zero economic clout with its pathetic Peso.How much is the Iranian currency worth smart ass? How about its economy and work force which by the way are not being paid months at a time with high inflation and stagnation.What ever shape the US economy is in it is a billion light years ahead what Iran is in so do not spew your trash here.The only "dead beat"is this regime that presently occupies Iran and leading it to ruin and numb skulls like you.
ReplyDeleteChina doesn't owe Iran any money. That was a rumor started by the Zionist WSJ. Sadly, I fear uskowi too has been infiltrated by the paid zionist and/or MKO commenters.
ReplyDeleteAnon August 1 12:50 PM..MKO,WSJ commentators?What do you know?I can safely say that this site has been infiltrated by paid agents and sympathetic family members of the Mullah regime.China,India have and are going to suck Iran dry because they know they can get away with it.Why? Financial institutions,Iranian political isolation,United Nations etc etc..
ReplyDelete