Sunday, November 12, 2000
fesub.gif (4328 bytes)
Full Story
fe.gif (834 bytes)
India's first e-business paper
flnews.gif (5153 bytes)
Search FE
-
Download
BSE Quotes
NSE Quotes
-
Think Tank
This week we focus on a complete analysis of the
industry
-
 

India to barter wheat for iraq's crude oil 

 
Mumbai: India will import crude oil from Iraq in exchange for wheat which it has in surplus, Indian oil minister Ram Naik said on Thursday. "Iraq is in a position to sell crude oil. We have had discussions with them," he told reporters after a chemical industry function.

Asked if there was a timeframe within which the deal would be finalised, Mr Naik said, "I would like to have it within a month." He said the imports would be under the oil-for-food programme of the United Nations, which allows Iraq to sell unlimited quantities of oil to buy food, medicine and other humanitarian needs. "In these discussions it is necessary to take permission from the United Nations. We will be doing that," he said. "We have surplus food available with us...in a way we are going to have a problem of surplus. we have no go-downs (warehouses) to store the excess wheat that is coming into the market," he said.

(Reuters)

Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.

- Lead Stories | Corporate | Infrastructure | Commodities | Economy/Finance | BSE Today | NSE/ Markets | Strategy | Convergence | After Hours top.gif (150 bytes)Top
flame.jpg (1068 bytes) © Copyright 1999: Indian Express Newspaper(Bombay) Ltd. All rights reserved throughout the world.
This entire edition is compiled in Mumbai by The Indian Express Online Media Limited, a division of
The Indian Express Group of Newspapers. Managed by The Indian Express Online Media Limited and hosted by CerfNet.