16:33 GMT14 April 2021
Listen Live
    Business
    Get short URL
    1189
    Subscribe

    Two Indian petrochemical companies have paid $750 million to their Iranian partners, having therefore partly repaid India's multibillion debt to Iran for oil supply, Indian media reported Saturday.

    MOSCOW (Sputnik) — According to the Press Trust of India news agency, transactions in euros were made over the past two days. The Mangalore Refinery and Petrochemicals company together with Indian Oil Corporation have paid $500 and $250 million, respectively, to National Iranian Oil Company.

    India remains the world's largest importer of Iranian oil. The Indian companies accumulated the $6.5-billion debt to Iran over the past three years due to financial sanctions against Tehran over its nuclear program.

    Despite the lifting of sanctions against Iran earlier in the year, the problem is still far from being solved, as no transactions in US dollars are possible so far, so the sides have to look for another ways to conduct payments.

    The issue of the debt repayment for oil supply from Iran is likely to be one of the main topics on the Indian Prime Minister Narendra Modi's visit to Tehran on May 22-23.

    Related:

    US No Longer to Pursue Efforts to Reduce Iran’s Sales of Crude Oil
    IMF Sees Iran’s GDP Rising 4-4.5% Due to Oil Revenues
    Oil Wars: Saudi Arabia Wants to 'Keep Iran in the Penalty Box'
    Paydirt! Sweden Expects Oil Prices to Soar, Boosts Trade With Iran
    Tags:
    Oil, debt, India, Iran
    Community standardsDiscussion