India agrees to pay Iranian oil purchase through rupee and euro

Oil&Gas Materials 13 May 2012 17:56 (UTC +04:00)

Azerbaijan, Baku, May 13 /Trend, D.Khatinoglu/

India and Iran agreed to pay Iranian oil purchase method, 45 percent through rupee and the rest though euro, Mohammad Mehdi Rasekh, secretary general of Tehran's Chamber of Commerce told Mehr News Agency on Sunday.

With regarding Iranian 50-member deligation visit to India last week, Rashekh said that Indian side welcomed Iran's keen to boost bilateral economic relations.

"Two countries agreed to increase trade turnover, including oil deals, from current $12 billion to $25 billion, also the sides non-oil trade will increase from $4 billion to $10 billion", he said.

Rashekh added that the Indian officials and businessmen welcome Iranian Government latest decision to import $24 billion foot cargoes, emphasized on their might to supply wheat, sugar, rice and other foods to Iran as much as Iran's demands.

Indian Central Bank banned this countries' companies deal with Iran through Asian Clearing Union since late 2010. Now transferring money from Indian banks to Iran is impossible and India makes the payment of Iranian oil purchase via Turkish Halk Bank, but after July.1 that the European Union sanctions on Iran's oil and Central Bank will become on force, paying via Turkish Bank will become impossible.

India and Iran have several meetings and negotiations to trade in bartering system and removing USD from trades.