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India to pay oil debts to Iran

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Staff writer ▼ | June 27, 2014
India IranIndia will transfer the 6th and 7th installments of its oil debts to Iran in the near future, Iranian Deputy Foreign Minister Seyed Abbas Araqchi said.

The Iranian deputy foreign minister noted that India will reimburse its arrears to the account of the Central Bank of Iran (CBI) next week.

Iran and India which have deep historical and cultural relations are now seeking to further expand political and economic ties. India, the world's fourth-largest petroleum consumer, is Iran's second largest oil customer after China and purchases around $12bln worth of Iranian crude every year, about 12 percent of its consumption.

India and Iran have been holding discussions at regular intervals on issues related to economic cooperation under the joint commission mechanism, which was established in July 1983.

The Indian government extended its permit for the companies insuring Iranian large vessels, tankers and container ships docking at Indian ports for another six months.

"The permit for two Iranian companies insuring large vessels docking at Indian ports is due to expire on June 27," the spokesperson of the Indian Ministry of Shipping said.

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