Iran to cease oil supplies to countries unable to repay debt: minister
Azerbaijan, Baku, Sept. 6 /Trend/
A problem of India's oil debt payment is getting solved however there were some pressures on the country which had to slow down the process of payment to Iran, ISNA reported quoting Iran's Economy Minister Shamsoldin Hossini as saying.
"India has never refused to refuse oil debt payment, but its important issue and we do not sell oil to countries who do not pay off their debt,'' he said.
"Iran and India's banking system have reached an agreement and major part of debt has been repaid," he added. "We should take into account that the money settlements in oil trade is long process".
"We have negotiated with India, who stated willingness to transfer money, he stressed. "We will work with them by the time they remain committed to pay off their debt."
Governor of Iran Central Bank Mahmoud Bahmani said last weekend India had paid $5 billion to Iran in oil debt.
Iran's oil export to India dropped by 90,000 barrels of oil per day from July 23. However, the Oil Ministry regards it as temporary, referring it to technical problems in India's oil terminals and not over India's debts
Despite India's debt, Iran is continuing to export 400,000 barrels of oil per day to India at $1 billion per month.
Iran is the second-largest crude supplier to India after Saudi Arabia and accounts for about 14 percent of the country's oil import.