Iran turns to India for wheat as sanctions dry up palm oil

By REUTERS
February 9, 2012 14:13

 
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NEW DELHI - Iran has turned to India for wheat supplies as other sellers divert grain cargoes away from the Middle East country because of sanctions-related payments problems that have caused palm oil imports to grind to a halt.

Indian tea was also added on Thursday to a growing list of Iran's food imports that are being disrupted by US and European Union sanctions aimed at forcing Tehran to scrap a suspected nuclear weapons program.

India's Trade Secretary Rahul Khullar said a private Iranian buyer is interested in importing "a very large quantity" of wheat, which the world's second-biggest producer of the crop has in surplus.

Khullar, the most senior official in the ministry, suggested India was considering the sale. India wants to step up exports to Iran in a range of goods to settle part of its oil due to Tehran.

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