July 21, 2011 / 8:49 AM / 8 years ago

India BPCL's Iran crude not to arrive in Aug-co source

NEW DELHI, July 21 (Reuters) - India’s second biggest state-run refiner Bharat Petroleum Corp could not buy crude from Iran for August under its annual 20,000 barrels per day deal as Tehran insisted on knowing the payment mechanism, a company source said on Thursday.

“We wanted to start our one million tonne annual deal from August but they asked about how we were going to pay. To which we have no answer. So there will be no supplies from Iran in August but we have arranged volumes from Saudi Arabia,” the source, who did not wish to be identified, told Reuters.

Two other Indian refiners are not getting crude from Iran for August.

India and sanctions-hit Iran have been trying to find ways for New Delhi to pay for crude imports since December 2010 when the Reserve Bank of India halted use of a clearing mechanism under U.S. pressure. (Reporting by Nidhi Verma; Editing by Jo Winterbottom)

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