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| India's IOC says to make small Iran oil payment soon |
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NEW DELHI (Reuters) - Indian Oil Corp (IOC) will make a payment to Iran for oil soon, the state-run refiner's chairman R.S. Butola said on Thursday, after a new mechanism was set up to end a seven-month impasse triggered by U.S. pressure. "We will shortly make a small payment ... hopefully, this month," Butola told journalists at a conference. Iran has started receiving long-overdue payments from Indian refiners for about 400,000 barrels per day (bpd) of crude through a Turkish bank to get around U.S.-led moves to isolate the Islamic Republic. IOC imports around 30,000 bpd from Iran, whose other Indian clients are Mangalore Refinery and Petrochemicals Ltd , Essar Oil , Bharat Petroleum and Hindustan Petroleum . Butola also said IOC's current daily revenue loss on sales of fuels in the domestic market at state-capped prices was 1.2 billion rupees ($27.08 million) and that it would get 82 billion rupees in compensation from the government for the April to June quarter. State-run IOC, together with Hindustan Petroleum and Bharat Petroleum are allowed to fix domestic petrol prices, but federal government caps the prices of diesel and kitchen fuels to protect the poor and tame stubbornly high inflation.   Socialize this Subscribe to our RSS feed to stay in touch and receive all of TT updates right in your feed reader
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