Iran inks deal with India for 1.25 LT of soyameal imports Close.

NEW DELHI: Iran has signed contracts with Indian traders to purchase 1.25 lakh tonnes (LT) of soyameal, used as animal feedstock, at USD 430-435 per tonne, an industry body said today.

"Iran has entered into contracts with our traders to buy 1.25 lakh tonnes of soyameal at USD 430-435 per tonne," Soybean Processors Association of India spokesperson Rajesh Agrawal told PTI.

The consignment will be delivered during April-May period of this year, he said.

Agrawal said Iran is looking at soyameal import from India as it has been facing some issues in purchase of the animal feed from South America due to sanctions imposed by the US and European countries.

In the 2010-11 oil year (October-September), India had exported 1.5 lakh tonnes of soyameal to Iran.

Agrawal dispelled any apprehension over payment from Iranian traders. The government has said it will provide incentives for exports to Iran on which the payment would be made in rupees.

The payment problem started after the US slapped sanctions on Tehran from the start of this year, targeting financial institutions that deal with the central bank. The European Union followed with a ban on Iranian oil.

Source : economictimes.indiatimes.com