Oil Min.: Receiving Oil Money From India CBI Duty

Tehran, Sept 23, IRNA – Oil Minister Bijan Namdar Zanganeh said receiving Iran’s oil money from India falls within the responsibility of the Central Bank, adding that the bank is pursuing the issue. He was commenting on reports that 35% of Iran’s oil money will be paid in Rupee and the remaining 65% in euro as has recently been announced by India. India by purchasing 25% of Iran’s oil stands in the second place after China. It buys an average of 259 thousand barrels of crude oil from Iran on monthly basis. In some months the amount of purchase is lower but in subsequent months it is increased so that the balance of 250 thousand barrels per month is observed. Among problems that have emerged in the years following imposition of banking and oil sanctions on Iran with regard to India is the process of receiving the money for the oil sold to that country. As the value of Rupee is not stable saving it in Indian banks is to Iran's disadvantage. For this reason Iranian officials work for speedy transfer of the money into Iran’s account. It should be noted that Asian purchasers of Iran’s oil such as Japan and South Korea have already settled part of their debts for importing oil from Iran within a period set by 5+1./end