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India to clear its oil debts to Iran

by ChemOrbis Editorial Team -
  • 21/07/2015 (10:47)
According to media reports, India and Iran will meet soon to discuss the clearance of India’s oil debts to Iran following the easing of sanctions. The money India owes Iran for oil shipments has been held up in the banking system due to financial sanctions against Iran. India, the second largest importer of Iranian oil after China, has $6.5 billion of oil debts to the country.

India’s crude oil imports from Iran hit their highest level since March 2014 in May. The country imported 367,900 barrels per day (bpd) of Iranian crude in May, up 39% compared with the previous month.
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