Iran Economy NewsIndia IOC says paying for Iran oil through Turkey...

India IOC says paying for Iran oil through Turkey bank

-

Reuters: India’s top state-run refiner , Indian Oil Corp Ltd, said on Wednesday it had begun paying its debt to Iran for oil imports and would clear an outstanding of 380 million euros this month using an arrangement with a state-controlled bank in Turkey.

NEW DELHI, Aug 10 (Reuters) – India’s top state-run refiner , Indian Oil Corp Ltd, said on Wednesday it had begun paying its debt to Iran for oil imports and would clear an outstanding of 380 million euros this month using an arrangement with a state-controlled bank in Turkey.

P.K. Goyal, finance director of IOC , said the company had paid off 73 million euros and was expecting one cargo of Iranian oil in September.

Indian refiners, Iran’s second-largest oil buyer after China, racked up a $4.8 billion debt after the Reserve Bank of India scrapped a clearing house system last December — a move welcomed by Washington as it tries to isolate the Islamic Republic.

As debts mounted, Iran refused to issue Indian refiners with firm crude supply plans for August, forcing them to look for alternatives.

But with payments flowing again through Turkey’s state-controlled Halkbank , Indian refiners expect Iran to resume 400,000 barrels a day of oil exports in September.

Goyal said the payment mechanism through the Turkish bank looked “as of now” like a permanent arrangement.

Iran has received 1 billion euros ($1.4 billion) from India in the last 10 days for long overdue oil debts, indicating the likely end of a sanctions-related problem that had blocked payments all year, an Iranian official said on Monday.

IOC imports around 30,000 bpd from Iran, whose other Indian clients are Mangalore Refinery and Petrochemicals Ltd , Essar Oil , Bharat Petroleum and Hindustan Petroleum.

IOC is the country’s biggest oil refiner but Iran’s smallest customer. MRPL is its biggest client.

Washington has tightened sanctions on Iran, which it accuses of seeking nuclear weapons, something Tehran denies.

It has pressured other countries to go further than the U.N. sanctions to isolate the Iranian economy and has succeeded in making it increasingly difficult for the Islamic Republic to make international financial transactions. (Reporting by Nidhi Verma; Writing by Krittivas Mukherjee; Editing by Aradhana Aravindan)

Latest news

Iran’s New Generation Seeks Nothing but Regime Change

In a silly and desperate statement, the Iranian regime’s foreign minister Hossein Amir-Abdollahian claimed that nothing special is going...

Iran’s Youths Broke the Spell of Fear

One of the main characteristics of the recent protests in Iran is the courage and fearlessness of the people,...

Iran Is on the Brink of a Revolution

The wall of fear has been broken. In many cities across Iran, women are taking to the streets, leading...

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

What Is Happening in Iran?

Following the brutal killing of Masha Amini, the Iranian people have once again united to fight and defeat the...

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Must read

Iran dealings put Turkey’s Halkbank in spotlight

Reuters: Turkish lender Halkbank , little known outside Turkey,...

Chaos in Iraq sends shock waves across Middle East and elevates Iran’s influence

New York Times: Shortly before the American-led invasion of...

You might also likeRELATED
Recommended to you