India seeking to clear Iran’s oil payments in installments
Baku, Azerbaijan, Apr. 6
By Khalid Kazimov - Trend:
India seeks to pay off its outstanding payments to Iran over the past oil purchase in installments.
"The latest challenge between Iran and India is that Delhi insists on settling the debt gradually in installments," an unnamed source in the Iranian oil ministry told IRNA.
While Iran's debtors have started settling outstanding payments to Iran over oil purchases, India has failed to pay off its debt of $6.5 billion, IRNA added.
The report suggests that while Delhi is postponing the process for clearing its debt, Oil giant Shell has completed the payment of 1.77 billion euros in debt to the National Iranian Oil Company (NIOC) in the wake of the lifting of sanctions on the country.
IRNA further added that India is making efforts to settle its outstanding payments to Iran in rupees, while Tehran wants Delhi to clear the debts in major international currencies such as euros.
According to the report, although India seeks to pay back its debt in the form of goods and commodities, Iranian officials have dismissed the idea.
Iran, however, had agreed to settle a part of the outstanding debt in the form of goods before the removal of sanctions.