Indian Oil Corp has so far been unaffected by an oil payments row with Iran but could turn to the spot market if there is any disruption to imports, the company's chairman said on Thursday.

IOC is not buying much of its crude share from Iran. So far we are not affected, B.M. Bansal said during a trip to Singapore as part of a delegation led by the country's oil minister.

He said the volume IOC buys from Iran is about 1 million tonnes, out of the roughly 40 million tonnes it imports each year.

Bansal also said a sale of shares planned by the government in the state-run company could start in June or July.