UANI

“Indian Oil Corp stepped up imports to 85,000 bpd from just 11,000 bpd in the same quarter of 2011, it showed” (Reuters, “India replaces China as Iran's top oil client,” 4/13/2012)

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"India's biggest oil refiner said Thursday it did not expect any supply shortages because of a payments problem between India and Iran, but other refiners are making contingencies in case of disruption.

In December, India's central bank said payments to Iran -- India's second biggest supplier of crude -- could no longer be settled through a long-standing clearing house system because of sanctions. The abrupt move to block the Asian Clearing Union (ACU) mechanism, which was run by the central banks of India and other south Asian countries, left Indian oil companies without a way to pay for their supplies.

A temporary arrangement has been found using the State Bank of India and the European-Iranian Trade Bank, or EIH Bank, but both countries are seeking a long-term solution. Asked about possible problems, S.V. Narasimhan, the finance director of IndianOil, the largest refiner in India, said Thursday: 'We don't anticipate any disturbances.'" (AFP, "Indian oil giant optimistic over Iran supply," 1/6/11)

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Firm/country: Indian Oil Corporation/India;

Firm activity: Development of Farzad-B natural gas field in the Farsi block;

Status: Part of consortium that is exploring the Farsi block and that submitted a 2009 plan to develop the gas field over a 7-to 8-year period;

Commercial activity: 40% stake in the project, with an estimated total investment of $5 billion;

Firm comment: Contacted on February 19, 2010; no response as of March 22, 2010

(GAO report 2010 - "Firms Reported in Open Sources as Having Commercial Activity in Iran’s Oil, Gas, and Petrochemical Sectors")

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"Oil and Natural Gas Corp. Ltd’s (ONGC) overseas arm ONGC Videsh Ltd, or OVL, which won the bid in 2002, is the operator of the Farsi block with a 40% stake in the block. Indian Oil Corp. Ltd (IOC) and Oil India Ltd (OIL) have 40% and 20% stakes, respectively.  The consortium submitted a feasibility report to National Iranian Oil Co. (NIOC) in November 2008. NIOC then accepted the commercial viability of natural gas production at Farsi block." (Live Mint, "Eight years on, Farsi block development plan yet to be finalized," 4/21/2010)