Iran gets access to $6.5B of its freezed assets in India

Oil&Gas Materials 18 January 2016 17:21 (UTC +04:00)

Tehran, Iran, January 18

By Mehdi Sepahvand - Trend:

Following the lift of economic sanctions against Iran, the country is slowly getting access to its freezed assets around the globe.

Iran has recently got access to its $6.5 billion of oil revenue money, which has been blocked in India.

Iran and the EU on January 16 announced the implementation of the Joint Comprehensive Plan of Action, following which the nuclear-related EU, US, and UN sanctions against Iran were lifted.

Since February 2013, India's Mangalore Petrochemicals and Essar Oil used to pay Iran for the oil they received, 45 percent in rupees and 55 percent in euros. The revenues have been blocked under the international sanctions, IRNA news agency reported January 18.

Last year the two companies settled about $3 billion of their debts to Iran in six instalments, following the beginning of Iran's talks with the P5+1 group (the US, UK, France, Russia, China, and Germany) to reach a nuclear deal.

Essar Oil has to pay Iran about $3.1 billion, Mangalore Refinery and Petrochemicals Ltd owes $2.8 billion, and Indian Oil Corp owes $581 million.

HPCL-Mittal Energy Ltd (HMEL) has to pay $97 million and Hindustan Petroleum Corp owes $29 million, India's media reported earlier.

Before Iran got hit with sanctions, India was Islamic Republic's second largest oil customer, having fallen to seventh spot after the sanctions got imposed.