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Azerbaijan, Baku, August 1 /Trend/
The oil payment problem with India has been resolved and New Dehli will transfer the payment for crude oil export soon, governor of Iran Central Bank Mahmoud Bahmani said in an interview with Mehr News Agency.
In mid-July, an Iranian Oil Ministry official said Iran could stop oil exports to India starting on August 1 if the financial dispute over the payment of arrears is not resolved.
At the same time, Bahmani said that there have been some negotiations with the Indian officials over the overdue payment, which now stands at five billion dollars. Bahmani corrected earlier reports that said the figure was nine billion dollars.
In February 2011, Iran and India agreed to set up a new mechanism for the oil payments using euros through the EIH Bank in Germany.
On April 7, Germany rebuffed pressure by the United States and the European Union to close down the EIH Bank, announcing that it has no proof that any illegal activities are being conducted by the bank.
India imports 84 percent of its oil requirements and depends heavily on oil from the Middle East to power its economy.
Iran is reportedly India's second biggest oil supplier after Saudi Arabia and exports about $12 billion of petroleum to Asia's third largest oil consumer.