Iranian delegation due in India to clear oil debts

[Aramagedon]

Iranian delegation due in India to clear oil debts

Mon Jul 20, 2015 3:25PM

Gholam Reza Ansari, Iran's ambassador to India
An Iranian delegation is set to visit India to hold talks with Indian officials over settling New Delhi’s oil debts to Tehran.

“Over the coming weeks, an Iranian delegation will travel to India to hold talks with Indian officials over the payment of $6.5 billion oil debts to Iran,” Gholam Reza Ansari was quoted as saying by the Iranian media.

The Iranian ambassador also noted that Tehran and New Delhi will soon finalize a mechanism to clear oil debts.

Iran sits atop the 11 percent of oil and 18 percent of gas reserves in the world.

India, which imports a total of 4 million barrels per day of oil, is seen as the second biggest client of Iran's crude oil after China.

File image of an Iranian oil tanker in the Persian Gulf

The energy-hungry Asian country’s crude imports from Iran were slashed by more than 50% in January-April 2015 to about 220,000 bpd amid rising pressures from the US.

Back in 2012, the United States and its Western allies imposed unilateral sanctions on Iran’s energy sector over the country’s nuclear energy program which closed banking channels for the transfer of oil payments to the country.

Earlier this year India announced that it owes Iran about $8.8 billion for oil imports.

Back in May, Iran’s Government Spokesman Mohammad Baqer Nobakht said the money has been trapped in a bank account under the US-led sanctions regime.

Following the conclusion of nuclear talks between Iran and the P5+1 group of countries, Tehran is now seeking to release much of its oil money which has been blocked overseas.

PressTV-Iran delegation due in India for oil debts

 

[Skull and Bones]

I believe now they can accept dollars directly from the Indian banks.

 

[Aramagedon]

I believe now they can accept dollars directly from the Indian banks.

I hope so. Inshallah.

 

[Kaniska]

Yes, the payment issue should be resolved with Dollar Payment now..

 

[Spectre]

I hope so. Inshallah.

India has already accounted for the money in past year and that money is kept in escrow account.

We just need for deal to regularized and the payment will be done.

 

[Mo12]

hopefully with brics bank, it can be easier to pay, if they are still restrictions

 

[Indika]

Should revert back to bartering or using local currency. Iran,russia,china with other countries can form a closed loop and start trading in their currency. If the trade balance is not skewed then it will surely work.

 

[JanjaWeed]

Looks like Iran will be sending debt collectors to lot many countries. Iran is going to be richer by hundreds of billions of dollars even before they could open themselves for international market!

 

[Siavash]

It just reminds me of:

 

[Arya Desa]

No longtime customer discount or some sale?

 

[surya kiran]

No longtime customer discount or some sale?

Once a baniya, always a baniya

 

[[Bregs]]

India private oil major MRPL and Essar oil owe Iran around 7.5 billion $ and some 500 mill $ for public sector companies

 

[naveen mishra]

Iranian delegation due in India to clear oil debts

Mon Jul 20, 2015 3:25PM

Gholam Reza Ansari, Iran's ambassador to India
An Iranian delegation is set to visit India to hold talks with Indian officials over settling New Delhi’s oil debts to Tehran.

“Over the coming weeks, an Iranian delegation will travel to India to hold talks with Indian officials over the payment of $6.5 billion oil debts to Iran,” Gholam Reza Ansari was quoted as saying by the Iranian media.

The Iranian ambassador also noted that Tehran and New Delhi will soon finalize a mechanism to clear oil debts.

Iran sits atop the 11 percent of oil and 18 percent of gas reserves in the world.

India, which imports a total of 4 million barrels per day of oil, is seen as the second biggest client of Iran's crude oil after China.

File image of an Iranian oil tanker in the Persian Gulf

The energy-hungry Asian country’s crude imports from Iran were slashed by more than 50% in January-April 2015 to about 220,000 bpd amid rising pressures from the US.

Back in 2012, the United States and its Western allies imposed unilateral sanctions on Iran’s energy sector over the country’s nuclear energy program which closed banking channels for the transfer of oil payments to the country.

Earlier this year India announced that it owes Iran about $8.8 billion for oil imports.

Back in May, Iran’s Government Spokesman Mohammad Baqer Nobakht said the money has been trapped in a bank account under the US-led sanctions regime.

Following the conclusion of nuclear talks between Iran and the P5+1 group of countries, Tehran is now seeking to release much of its oil money which has been blocked overseas.

PressTV-Iran delegation due in India for oil debts

it very bad..payment should be clear on time....what ever may be reason

 

[Siavash]

Once a baniya, always a baniya

Learned something new today

 

[Rukarl]

India has already accounted for the money in past year and that money is kept in escrow account.

We just need for deal to regularized and the payment will be done.

Are you sure Irans money was put aside and not spent on other things? Will India clear its debts to Iran ?