Indian Refiners Owe Huge Amounts to Iran for Crude Imports

摘要

Mangalore Refinery & Petrochemicals (MRPL), is the country's biggest buyer of Iranian crude. Of early August, the company owed US $2.9 billion to the Persian Gulf nation in unpaid fuel bills. MRPL, which has a annual contract to import 7.1 million tonne (142,000 barrels per day) of crude oil from Iran, has not able to pay for the oil purchases from Iran after Reserve Bank of India (RBI) on December 23 halted use of a clearing mechanism run by regional central banks. "The total outstanding [towards Iran] is US $2.9 billion. But not all of this is due for payment now as Iran gives us 90-day credit. Only US $1.9 billion is payable immediately," MRPL MD, UK Basu said.