India to purchase 1 million tons more of Iraqi crude
India is seeking to purchase 1 million additional tons of oil from Iraq under the terms of the UN oil-for-food program.
This follows its purchase of 1.5 million tons of Iraqi crude during the previous round of the oil-for-food program, which ended in December.
With an additional 1 million tons of oil, India essentially will use up all the Iraqi crude it has been allocated. The country originally received a 2.5 ton quota from the UN Sanctions Committee.
Speaking to the Press Trust of India at the Petrotech 2001 conference, which was held this week in New Delhi, Ram Naik, said that he expected the delivery of the Iraqi oil to stake place during the current fiscal year.
Naik earlier said that the oil would be imported from Iraq at a price that is slightly below the international benchmark, and in return India would supply Iraq with wheat and sugar. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)