India refuses government guarantee on Syria oil imports

04 March 2012

The government of India has refused to provide its sovereign guarantee for oil imports from Syria, frustrating refiners looking for alternative sources of crude to hedge against possible supply disruptions from sanctions-hit Iran, Reuters has reported, citing two officials. The India government is now weighing options, including extending sovereign guarantees for its shipping lines and buying Iranian oil on a delivered basis to ensure cargoes from July. Iran is India's second-largest crude oil supplier, meeting about 11% of the South Asian country's imports.

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