Ummid Assistant

Mumbai NGO, top experts join hands to train students for civil services exams

Welcome Guest! You are here: Home Business & Economy

Iran working with India to resolve oil payment

Tuesday October 16, 2012 07:37:29 PM, IANS

Related Articles

India, China not spared from US sanctions on Iran oil

The United States has not included India and China in a list of 11 nations that would be spared financial sanctions as they have significantly reduced purchases of Iranian  

US mounts pressure on India, China to stop Iran oil

Unfazed by US, India to step up ties with Tehran

Time to say goodbye to US domination: Iran official

Will keep buying Iranian oil, says India

US serves notice on India on Iran oil sanctions

New Delhi: Sanctions-hit Iran Tuesday said it was working with India to find a mechanism to resolve the problem of paying for Iranian oil in Indian currency and urged New Delhi to make up its mind on joining a tri-nation pipeline.

"The Indian government has made a payment of Rs.1 billion for purchase of oil but since Indian banks have refused to part with their money and no Iranian bank has a branch here, we are working on a mechanism to deal with the situation," Iran's Deputy Minister for Asia, Oceania and Commonwealth (Central Asia) Seyyed Abbas Araghchi told reporters here.

For nearly two years, India has been paying for its 55 percent of oil imports from Iran in euros through Turkey's Turkiye Halk Bankasia.

Despite the Western sanctions on Iran, India in February sealed a payment mechanism under which Indian firms will pay for 45 percent of their crude oil imports from Iran in rupees. This payment by Indian companies is credited in rupees in the accounts of Iranian banks maintained with UCO Bank.

In December 2010, the Reserve Bank of India scrapped a mechanism of settling payments through the Asian Clearing Union route.

Araghchi also asked India to take a decision on joining the multi-billion dollar Iran-Pakistan-India gas pipeline and underlined that it was a project that would benefit the entire region.

"It is up to India to make up its mind and join the project we believe would work in India's interest. Iran and Pakistan are working on it and we are serious about it," he said.

"Our part is almost finished and now we are helping Pakistan in finishing their part as well. Then I think the pipeline would have capacity for the whole region," he said.

India has security concerns over the pipeline as it will pass through violence-prone Pakistan's Balochistan province. Besides, India has to also sort out the deadlock over transport and transit fee with Pakistan.









 

 

Home | Top of the Page

Comments

Note: By posting your comments here you agree to the terms and conditions of www.ummid.com

Comments powered by DISQUS

i

I

More Headlines

Brazil reserves half of college places for minorities, poor

War with 'rogue' Iran cannot be ruled out: Britain

Pro-Telangana media barred from PM's address at Biodiversity convention

Jamil Ahmad, Musharraf Ali Farooqi on South Asian lit prize list

'Chinese n-help emboldened Pakistan to fuel Kashmir insurgency'

Pakistani forces kill two in Kashmir

Sachin Tendulkar conferred with Order of Australia

Google Nexus 7 'best-selling tablet'

New planet with four sun discovered

Maharashtra petrol pumps withdraw agitation

Romney closing gender gap, leads by 4% pints

Over 150 Pakistani lawmakers fail to declare assets, suspended

 

Top Stories

Opposition backed shutdown hits Bihar

Trains were blocked and trucks and buses were off the roads in Bihar as a daylong shutdown called by opposition parties to protest 

Madhubani violence forces Nitish to defer 'Adhikar Yatra'

Violence in Bihar town escalates; protesters this time torch police station

Bihar: Angry protesters clash with police; torch collectorate, SDM office

 

  Most Read

Romney closing gender gap, leads by 4% pints

Thanks to growing enthusiasm among women, Republican candidate Mitt Romney now leads President Barack Obama by four percentage points among likely voters in the nation's top battlegrounds, according  

Nanded Civic Elections: Congress sweeps but AIMIM makes inroads to Maharashtra

In a significant morale-booster, the Congress Monday retained the Nanded Municipal Corporation winning enough seats to rule the civic body on its own. But Hyderabad based All India Majlis-e-Ittehadul Muslimeen (AIMIM) stunned political circles by stopping the Congress from total 

 

  News Pick

Maharashtra petrol pumps withdraw agitation

Petrol and diesel stations all over Mumbai and Maharashtra Tuesday withdrew their 'single shift' agitation following an assurance by oil companies on their  

Dealer Commission: Maharashtra petrol pumps to operate 9-5 only

Jama Masjid illegal construction: HC appoints new officer for probe

The Delhi High Court Monday appointed a new court commissioner to probe alleged illegal construction inside the historic Jama Masjid after the city government counsel  

Arrests of innocents: Prosecute guilty police officials, says Dr Suresh

The true test of human rights is its applicability in times of terror and emergency, not ordinary times, said Dr. V Suresh, National General Secretary of PUCL emphasizing the fact that Human Rights are no luxury or privilege but fundaments rights of every citizen of India. Dr Suresh  

Police has detained my son, threaten to kill if I complain: Mustafa

Mohammad Mustafa Landge, a former officer with telecom department, alleged that his son, Irfan, had been detained by three officers of Delhi police's Special Cell. He also alleged that the police  

 

Picture of the Day

President Pranab Mukherjee presenting a degree to a student at the 8th Convocation of King George's Medical University, at Lucknow, in Uttar Pradesh on October 12, 2012.

 

 
 
 
 
 
 
 
 

RSS  |  Contact us

 

| Quick links

News

 

Subscribe to

Ummid Assistant

 

National

Science & Technology

RSS

Scholarships

About us

International

Health

Twitter

Government Schemes

Feedback

Regional

History

Facebook

Education

Register

Politics

Opinion

Newsletter

Contact us

Business

Career

Education

     

 

 

Ummid.com: Disclaimer | Terms of Use | Advertise with us | Link Exchange

Ummid.com is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.

2012 Awaz Multimedia & Publications. All rights reserved.