BREAKING NEWS

Iran gets one billion euros of Indian oil debt

By REUTERS

AUGUST 8, 2011 17:33

TEHRAN/NEW DELHI - Iran has received 1 billion euros ($1.4 billion) from India in the last 10 days for long overdue oil debts, indicating the likely end of a sanctions-related problem that had blocked payments all year, an Iranian official said on Monday.

Indian refiners expect Iran to resume 400,000 barrels a day of oil exports in September, following an uncertain August, now that they have been able to start paying the debt that Deputy Oil Minister Ahmad Qalebani said amounted to $4.8 billion.

India, Asia's third-largest economy and Iran's second-largest oil buyer after China, racked up the debt after the Reserve Bank of India scrapped a clearing house system last December -- a move welcomed by Washington as it tries to isolate the Islamic Republic.

Sources in India told Reuters that refiners had paid about $1.43 billion through Turkey's state-controlled Halkbank . The refiners hope to settle immediately payable debts in the next few days, the sources said.

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