India to save $8.5 bn in oil imports from Iran: Moily to PM India plans to save over $8.5 billion in foreign exchange this fiscal by increasing crude oil imports from Iran, Oil Minister M. Veerappa Moily has told Prime Minister. India, which paid about $144.29 billion last fiscal for importing oil, is renewing imports from Iran as unlike imports from other countries it pays the Persian Gulf nation in rupees. Detailing plans to save $20 billion in foreign exchange spending, Mr. Moily on August 30 wrote to Prime Minister Manmohan Singh saying about 11 million tonnes of crude will be imported from Iran in the remainder of the fiscal. “About 2 million tonnes crude oil has been imported from Iran so far during the current financial year. An additional import of 11 million tonnes during 2013-14 would result in reduction in forex outflow by $8.47 billion (considering the international price of crude oil at $105 per barrel),” he wrote. The plan is in response to Prime Minister’s call to the ministry seeking $25 billion cut in oil import bill to narrow current account deficit. thehindu/business/Industry/india-to-save-85-bn-in-oil-imports-from-iran-moily-to-pm/article5082090.ece?homepage=true
Posted on: Mon, 02 Sep 2013 02:18:08 +0000