India's state-run Indian Oil Corp Ltd has paid 73 million euros to Iran for oil imports, P.K. Goyal, the company's finance director, said on Wednesday Reuters reported.
India, Asia's third-largest economy and Iran's second-largest oil buyer after China, has racked up a debt after the Reserve Bank of India scrapped a clearing house system last December -- a move welcomed by Washington as it tries to isolate the Islamic Republic.
IOC imports around 30,000 bpd from Iran, whose other Indian clients are Mangalore Refinery and Petrochemicals Ltd , Essar Oil , Bharat Petroleum and Hindustan Petroleum .
Iran has received 1 billion euros ($1.4 billion) from India in the last 10 days for long overdue oil debts, indicating the likely end of a sanctions-related problem that had blocked payments all year, an Iranian official said on Monday.