India's HPCL to cut Iran crude imports in 2012/13

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The company said issues relating to hefty local taxation, called withholding tax, have to be resolved before India and Iran begin using a new mechanism to partially settle their oil trade in rupees.

India will make 45 percent of the payment for its oil from Iran in rupees, which Tehran will use to pay for imports from its second-biggest crude customer, the Islamic Republic's envoy to New Delhi Seyed Mehdi Nabizadeh said this week.

K. Murali, HPCL's director of refineries, said Iran is continuing to give 90 days credit on crude sales to the company. (Reporting by Nidhi Verma; Editing by Krittivas Mukherjee)

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