India pays Iran 1.5bn euro in oil dues
The Times of India


NEW DELHI: Indian refiners have made payment of 1.5 billion for crude bought from the National Iranian Oil Company, ending over two months of supply concerns after the RBI scrapped a regional money-transfer mechanism.

"Pending dues are now being cleared and as of March 1, 2011, payment of 1.5 billion has been made to the Central Bank of  Iran," oil minister S Jaipal Reddy told the Lok Sabha on Thursday.

Indian refiners buy 12 million barrels of crude every month form Iran, which makes up about 12% of oil imports. Uncertainty over these supplies arose after the RBI scrapped the Asian Clearing Mechanism, an arrangement that allowed Saarc nations to do business with Iran that faces UN and US sanctions.

Though Indian refin... >>>
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