Iran, India discuss oil export rise, payments
Iran’s media reported on Friday that the country has started talks with India over increasing Iranian oil exports to the country as well as retrieving the petrodollars that have been blocked in New Delhi due to US-led sanctions against Tehran.
IRNA, quoting officials inside Iran’s Oil Ministry, reported that the talks were held in the Indian capital last week. However, it said no details on the exact agenda of discussions between the two sides have been publicized.
“Iran and India hold regular meetings to discuss oil,” said Mohsen Qamsari, the director for international affairs of the National Iranian Oil Company (NIOC).
“India is among the top traditional clients of Iran’s oil and had already voiced interest in increasing its imports from the Islamic Republic,” Qamsari has been quoted as saying by IRNA.
India imported an average of 249,000 barrels of oil from Iran over a period of seven months starting April. The figure shows an increase of 5.6 percent compared to the same period last year.
India is seen as Iran's biggest oil client after China. However, New Delhi was forced to slash crude purchases from Iran due to the US-led sanctions which hit Iran’s energy sector back in 2012.
Indian refineries should pay some $6.5 billion in outstanding oil dues to Iran that have been blocked in New Delhi banks as a result of the sanctions.
The landmark nuclear deal reached between Iran and the P5+1 group of countries – the five permanent members of the Security Council plus Germany – has paved the way for releasing Iran’s blocked petrodollars.
India has already starting the proceedings to make the outstanding payments to Iran in several installments each valuing at several hundred million dollars.
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