(MENAFN) India has conveyed to Iran that it was ready to clear almost USD6.5 billion of the dues for oil, signifying its eagerness to significantly step up engagement in hydrocarbon sector the Islamic Republic.
The world second-most populous country made it clear that for this to happen it needed clarity on payment channel from the oil/gas rich nation, thus a series of talks at various levels have been conducted.
After lifting of bans against Iran in Jan, it had terminated a 3-year-old system with India of getting paid for half of the oil dues in rupees and has been insisting on being paid in euros for the oil it sells to Indian refiners.
Since Feb-2013, Indian refiners like Essar Oil paid 45pct of their import bill in rupees to UCO Bank account of Iranian Oil Company, and the rest has been accumulating, pending finalization of a payment mechanism.
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