India, Iran resolve oil payment dispute

February 4, 2011 08:55


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NEW DELHI — An official said India and Iran have resolved a dispute over payments for Iranian crude oil with New Delhi agreeing to set up a new mechanism that would allow payments in euros.

The official said Friday that the State Bank of India would route the payments through a German-based bank, ending a nearly six-week long stalemate that had threatened to disrupt Iranian oil supplies to India.

The payments for Iranian crude would be made through the Hamburg-based Europaeisch-Iranische Handelsbank AG, the finance ministry official said, speaking on condition of anonymity as he was not authorized to speak to the media.

Iran is India's second largest crude oil supplier and meets more than 12 per cent of its oil needs.

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