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India to pay oil debt to Iran in 6 months

by ChemOrbis Editorial Team - content@chemorbis.com
  • 08/02/2016 (15:31)
According to media reports, Iran has asked India to pay its pending oil debt of over $6 billion in euros within the following six months. For the past three years, India’s payment was 45% in rupees while the rest of the payment was tied up in the banking system waiting for the relaxation of sanctions before payments can be transferred.

India will disburse the pending debts in euros in installments over the upcoming six months as Iran would not be able to receive transactions through the US financial system while Iran is planning to open or re-activate euro accounts with Indian banks.

Reportedly, Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MRPL) will be asked to clear its payment of nearly $3 billion first, followed by Indian Oil Corp ($400 million), HPCL-Mittal Energy Ltd (HMEL) and Hindustan Petroleum Corp.
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