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Mon 15 Aug 2011 07:00 PM

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India repays 66% of oil imports debt to Iran, says official

Iranian Central Bank governor Mahmoud Bahmani says rest of debt will be received, issue resolved

India repays 66% of oil imports debt to Iran, says official

India has paid two-third of its
debt to Iran for crude oil imports from the Persian Gulf nation, Iranian
Central Bank governor Mahmoud Bahmani said on Monday.

“The rest of
the debt is being received and there is no problem regarding this
matter,” Bahmani said, according to state-run Iranian Students
News Agency.

Indian
refiners’ debt to Iran stood at $4.8 billion in early August, National
Iranian Oil managing director Ahmad Qalebani said on August 8, adding
that the country had at that time received about 1 billion euros ($1.4
billion) from India.

The Gulf
state is constrained by international sanctions over its nuclear program
and Indian refiners have said banks are unwilling to transfer payments
for their oil purchases.

India has sorted out the financial impasse with
Iran, the country’s Finance Minister Pranab Mukherjee said in
parliament on August 12, without providing details.

Iran is the second-largest oil producer in the Organization of Petroleum Exporting Countries after Saudi Arabia.

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