Iran Economy NewsTurkey refuses to open BPCL a/c for Iran oil-sources

Turkey refuses to open BPCL a/c for Iran oil-sources

-

Reuters: Turkey’s Halkbank has refused to open an account for India’s BPCL to settle payments for Iranian oil imports, three oil industry sources told Reuters on Thursday.

NEW DELHI, Dec 15 (Reuters) – Turkey’s Halkbank has refused to open an account for India’s BPCL to settle payments for Iranian oil imports, three oil industry sources told Reuters on Thursday.

India and Iran have been struggling to find a permanent mechanism to settle their bilateral trade, especially since last year when India’s central bank scrapped a clearing house mechanism — a move welcomed by the United States, which is trying to isolate Tehran over its nuclear programme.

India has since been settling payments to Iran through Turkey’s state-owned Halkbank but that conduit remains vulnerable if Washington applies more pressure on Ankara to shut it down.

Iran is India’s second-biggest oil supplier after Saudi Arabia and exports total about $12 billion a year, meeting about 12 percent of India’s import needs.

(Reporting by Nidhi Verma; Editing by Krittivas Mukherjee)

Latest news

Iran’s New Generation Seeks Nothing but Regime Change

In a silly and desperate statement, the Iranian regime’s foreign minister Hossein Amir-Abdollahian claimed that nothing special is going...

Iran’s Youths Broke the Spell of Fear

One of the main characteristics of the recent protests in Iran is the courage and fearlessness of the people,...

Iran Is on the Brink of a Revolution

The wall of fear has been broken. In many cities across Iran, women are taking to the streets, leading...

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

What Is Happening in Iran?

Following the brutal killing of Masha Amini, the Iranian people have once again united to fight and defeat the...

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Must read

France, Russia move closer on Iran

AP: French President Nicolas Sarkozy said after talks Tuesday...

Obama urges Iran to affirm peaceful nuclear energy

AP: President Barack Obama said the U.S. will proceed...

You might also likeRELATED
Recommended to you