India Pays Back 6th Installment Of Oil Debts To Iran

Tehran, June 28, IRNA -- India transferred the 6th installment of its oil debts to Iran on Thursday, Indian industry and government sources announced. India cleared USD 550 million of oil payments to Iran on Thursday under an interim nuclear deal between Tehran and the Group 5+1 (the US, Russia, China, France and Britain plus Germany) which allows the release of over four billion dollars of blocked Iranian funds globally. According to an Indian government source privy to the issue the payment was made by five Indian refiners – MRPL, Essar Oil, Indian Oil Corp., Hindustan Petroleum Corp and HPCL-Mittal Energy Ltd, Reuters reported. On Wednesday, Iranian Deputy Foreign Minister Seyyed Abbas Araqchi noted that India would reimburse its arrears to the account of the Central Bank of Iran (CBI) next week. Araqchi noted that the reimbursements would take place within the framework of an interim agreement reached between Iran and the Group 5+1 (the five permanent UN Security Council members plus Germany) in Geneva on November 24, 2013. Iran and India which have deep historical and cultural relations are now seeking to further expand political and economic ties. India, the worldˈs fourth-largest petroleum consumer, is Iranˈs second largest oil customer after China and purchases around $12bln worth of Iranian crude every year, about 12 percent of its consumption. India and Iran have been holding discussions at regular intervals on issues related to economic cooperation under the joint commission mechanism, which was established in July 1983./end