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Indian refiners pay for Iranian oil in rupees - UCO Bank

Gasoil News - Published on Fri, 11 Jan 2019

Image Source: BTVi
Reuters, citing a bank official, reported that India has begun paying Iran for oil in rupees, a senior bank official said on Tuesday, the first such payments since the United States imposed new sanctions against Tehran in November. Charan Singh ED at UCO Bank told Reuters "Today we received a good amount from some oil companies.”

He did not disclose the names of refiners or how much had been deposited.

Washington gave a six-month waiver to eight countries, including India, allowing them to import some Iranian oil. India, the world's third biggest oil importer, wants to continue buying oil from Iran as it offers free shipping and an extended credit period, while Iran will use the rupee funds to mostly pay for imports from India. New Delhi recently issued a notification exempting payments to the National Iranian Oil Co (NIOC) for crude oil imports from steep withholding taxes, enabling refiners to clear an estimated USD 1.5 billion in dues.

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Posted By : Joykumar Irom on Fri, 11 Jan 2019
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