Iran Economy NewsIndia's MRPL says no word yet on Iran oil...

India’s MRPL says no word yet on Iran oil row solution

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Reuters: Mangalore Refinery and Petrochemicals Ltd, India’s biggest importer of Iranian oil, said on Tuesday there was no word yet from the government on an alternative payment mechanism for oil imports from Iran.

NEW DELHI Feb 8 (Reuters) – Mangalore Refinery and Petrochemicals Ltd, India’s biggest importer of Iranian oil, said on Tuesday there was no word yet from the government on an alternative payment mechanism for oil imports from Iran.

“We understand that a payment mechanism is being finalised but there is no official communication to us,” MRPL Managing Director U.K. Basu said.

The two nations have yet to finalise a solution on how to pay for oil after India’s central bank said in December payments to Iran could no longer be settled through a long-standing clearing house system run by central banks. (Reporting by Nidhi Verma)

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