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India to import Iranian crude oil using rupee payment mechanism - Report

Gasoil News - Published on Mon, 10 Dec 2018

Image Source: The Financial Express
An industry source involved in discussions told Reuters that India will import crude oil from Iran using a rupee-based payment mechanism, adding that 50% of those payments will be used for exporting items to Tehran. India's state-owned UCO Bank is expected to announce the payment mechanism in the next 10 days. According to an Indian government document reviewed by Reuters, "An agreement had been signed by the Indian and Iranian government on Nov. 2 2018 for oil payment in rupees and 50% of those funds had been earmarked for exports."

The document said that oil payments are being made in rupees only as against earlier arrangements where there was a ratio of 45% rupees and EUR 55%.

The source added that Russian and Chinese shipping companies were pitching to facilitate India-Iran trade.

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Posted By : Joykumar Irom on Mon, 10 Dec 2018
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