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Burma seeks to pay in Indian currency
February 1, 2007:India is yet to decide on Burma's proposal for rupee payment terms for petroleum products the Southeast Asian country imports.
The Burmese junta has conveyed to Indian authorities that it would like to import petroleum products in rupees, the Indian currency, said S Ramesh, General Manager, Retail Strategy, Bharat Petroleum Corporation Limited (BPCL).
The move has forced the state-run BPCL to shelve its decision to seek export-trading status for its subsidiary Numligarh Refinery Ltd. that has been created in the northeastern region of the country for the purpose, Ramesh said.
Recently, Burma shocked India when it said that it would export gas only after finding out that it has sufficient reserves. The move to pay in Indian currency has not gone down well in New Delhi.
India's Foreign Minister Pranab Mukherjee recently visited Burma, apparently to thrash out many bottlenecks that have emerged in India-Burma relationship, especially after China bailed out the military regime at the UN Security Council.
Sources: MIZZIMA