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Iran working with India to resolve oil
payment
Tuesday October 16, 2012 07:37:29 PM,
IANS
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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.
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