BREAKING NEWS

Report: India firms start Iran oil payments via Turkey

By REUTERS

JULY 29, 2011 20:33

NEW DELHI - Indian refiners will pay for Iranian crude oil through Turkey's Halkbank after MRPL made a test payment to end a US-inspired impasse that has built up over $5 billion of debts and prompted Iran to halt supplies making up 12 percent of India's demand.

State-run Mangalore Refinery and Petrochemicals Ltd (MRPL) , Iran's biggest Indian customer, released a small payment in euros through Halkbank, two sources with direct knowledge of the matter said on Friday.

"This is the first payment ... We hope this system will continue," said one of the sources, adding the payment has been made with involvement of Union Bank of India.

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