Iraq is willing to double the credit period on crude sales to 60 days if Indian refiners buy more in 2014, the head of refineries at Hindustan Petroleum said. Iran has also sweetened the deal to expand its dwindling market share by offering free shipment and a nominal discount to Indian refiners, sources said. Iraq along with Saudi Arabia stepped up sales to India after western sanctions shut payment avenues and made trade with Tehran difficult. "Iraq is very positive. They are willing to raise credit period to 60 days and waive off opening of letters of credit (LCs) provided volumes are increased," BK Namdeo told. He said HPCL has not yet worked out crude import numbers for 2014. Middle East oil producers are also offering better terms to grab a bigger slice of the Asian market as the U.S. shale oil boom has changed the global energy landscape with Washington ceding its ranking as top oil importer to China.
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