Iran expects oil exemption to be extended by US: Deputy FM
Tehran, Iran, Jan.12
Iran's deputy foreign minister for economic diplomacy predicted that Iran's oil export exemption by US would be extended.
"My assessment is that the request of all countries that have received exemptions will certainly not be rejected in the second time," Iran's deputy foreign minister for economic diplomacy Gholamreza Ansari said, Trend reports citing Donyaye Eghtesad newspaper.
Washington gave a six-month waiver to eight countries, including India, allowing them to import Iranian oil.
Ansari highlighted the agreements between Tehran and New Delhi in the three fields, including oil, money and banking, and the Chabahar port, noting that Iran and India are two complementary economies.
“One of the issues to be clarified between Iran and India is the banking issue,” he said. “A few weeks ago, an agreement was signed between the Central Bank of Iran and the Ministry of Finance of India, which is an instruction for how to use Iran's funds in India.”
The deputy minister said that this agreement allows Iran to use its resources in India in very diverse areas, including in the fields of investment, securities and stocks in India, which is among the most trusted stocks in the world.
Ansari went on to mention two very serious and good programs between the two countries.
“First, follow-up program will be set up between the central banks of the two countries; and the second is the establishment of Pasargad bank`s branch in India,” he added.
The branch of Pasargad bank will open within next two months (close to New Iranian Year on March 21).
“On the other hand, the Indians have again introduced the UCO Bank, which has had good experience in cooperation with Iran in the past. Other banks could be added to the portfolio, in order to meet the volume of trade between the two countries,” said Ansari.
On December 19, some Indian sources announced that India will deposit payments for crude oil imported from Iran into escrow accounts of five of their banks held with state-run UCO Bank Ltd. after the two nations agreed on a payment mechanism to overcome U.S. sanctions.
“Iran considers to spend 50 percent of its oil revenues to purchase Indian products or products available in India,” said Ansari. “For the other 50 percent, Indians have declared that they will transfer money through any banking system which Iran introduces.”