NEW DELHI (Reuters) - India will this week trying to end a dispute payments with the Iran, which threatens to disrupt oil supplies after the fall of New Delhi in line with the United States and international sanctions targeting the nuclear ambitions of Tehran.
The two nations were not able to find a solution on how New Delhi should pay for Iran oil imports after the Central Bank of the India, said last month that payments to the Iran could no longer be resolved using a system of long date clearinghouse managed by regional central banks.
The decision weeks after U.S. President Barack Obama visited India, was hailed by Washington, which said it would reduce the funds available in Tehran in support of its nuclear activities, who believes that the United States aims to build an atomic bomb.
"I am extremely hopeful for an amicable solution, Secretary of oil of s. Sundareshan said Monday, referring to a meeting of officials Indians with the National Iranian Oil Co (NIOC) later this week."
The Iran has decided to maintain sales from January, but beyond one running, the flow of 400,000 barrels per day of crude oil purchased India of its second supplier depends on finding a permanent payment solution.
"The Iran oil imports are continuing on the basis of guarantees which firms have given their (NIOC)....""NIOC is also just as keen to sell us and participate in the solution", said Sundareshan.
But it lacks details on the form of guarantees provided by Indian oil companies who are likely to come under intense scrutiny, especially in the United States.
The Minister confirmed that the largest lender in the country, State Bank of India, which the oil companies a normally use to manage their payments business, has stopped issuing letters of credit, in the absence of a mechanism of payment of the Iran.
"We would require payments to be channelled through alternate banks that will be suggested by NIOC." On the table, we have some banks that have been suggested. We work through them. »
The problem of payments is already driving Indian importers to begin to diversify their sources of supply.
India Mangalore Refinery and petrochemicals Ltd. sought as much as 2.6 million barrels on the spot market, to the disruption of the possible provision.
Sundareshan also said that the oil Ministry sought 100 billion rupees ($2.2 billion) of additional subsidy by the Ministry of finance for the State petroleum retailers such as compensation.
State of the India oil two top business profitability is affected on world crude prices rising as the Government delaying the increase in prices for fuel all of the State due to political pressure in the middle of the high inflation.
CAIRN-VEDANTA DECISION
Separately, Sundareshan said to journalists that a decision on Cairn-Vedanta deal would end of January or early February.
Last month, the Minister of oil Murli Deora told that India would take a decision by March, more delaying a blink of eye key of one month, citing "too many complications", whether to allow the U.K. plan explore Cairn Energy to sell majority stake in its local unit at Vedanta Resources.
If the operation moves forward is regarded as a test of whether foreign investors in India are able to dispose of their assets without government interference.
On Monday, the Economic Times reported that Prime Minister Manmohan Singh had directed the Ministry of oil to decide whether to approve or reject the agreement Cairn-Vedanta in this month, citing an official BGP that would not be identified.
