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India plans to pay its oil debt to Iran via Turkey’s Halkbank

by ChemOrbis Editorial Team -
  • 16/05/2016 (17:42)
According to media reports, India aims to pay its $6.5 billion debt to Iran for crude imports made during sanctions period through Turkey’s Halkbank in euro terms. However, officials from Halkbank were not available for comment regarding the issue.

India’s oil minister said that India has made an agreement to pay its debt to Iran via European banks as most of the sanctions on Iran were lifted, except for some US sanctions which remain in place, preventing India from making payments in dollar terms. Iran plans to use the $6.5 billion payment for developing domestic infrastructure as well as making investments in the energy sector.

India is considered to be the second largest importer of Iranian crude after China, with imports reaching 500,000 barrels per day (bpd) in March, the highest level in at least five years.
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