MRPL will soon conclude a deal to sell 250,000 tonnes of diesel to Iran over the next eight months replacing Reliance Industries as a major supplier to the OPEC member. MRPL sold its first spot cargo to Iran last month as the Iranian National Oil Co sought new suppliers after India's Reliance halted sales. Sources said Reliance's bankers refused to confirm letter of credit raised by Iran's central bank due to increasing Western pressure over Tehran's nuclear programme. It would be able to sidestep the payment problems that Reliance faced by settling its deals through the government-run SBI.
The news is likely to have a positive impact on the stock and this would mean a good price for part prouction of the company.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment