Millennium Post

Oil dues: India pays $400 mn more to Iran

India on Thursday paid $400 million to Iran, taking the total oil payments made to the Persian Gulf nation towards past dues to $1.3 billion.

Mangalore Refinery and Petrochemicals Ltd, the nation's largest buyer in the public sector, paid $154 million (about Rs 950 crore), while private sector Essar Oil paid about $201 million, industry sources said.

Of the reminder amount, Indian Oil Corp (IOC) paid $42 million and Hindustan Petroleum Corp Ltd (HPCL) $3 million.

The payments made were in addition to $500 million sent out on 5 November and $400 million India paid on 21 October.

The $1.3 billion payment last one month is on top of $1.65 billion the refiners had paid in June/July. Cumulatively, refiners owe about $6 billion to Iran in past oil dues. Sources said the payments since October were part of an international deal that allowed Iran access to $2.8 billion in dues from oil buyers, in addition to $4.2 billion paid between January and July.

Next Story
Share it