Iran says oil exports to India continue

A senior Iranian Oil Ministry official said Iran's oil exports to long-time trading partner India had continued despite a dispute over the method of payment.

Iran says oil exports to India continue

A senior Iranian Oil Ministry official said on Sunday Iran's oil exports to long-time trading partner India had continued despite a dispute over the method of payment, student news agency ISNA reported.

"There has been no disruption in the sale and exports of oil to India in recent days," said Ahmad Qalebani, the head of state National Iranian Oil Company (NIOC).

India buys about 400,000 barrels per day of Iranian crude.

Qalebani said the two countries were determined to carry on cooperating despite problems agreeing a new payment method, after India said last week it would no longer use a regional clearinghouse system which had been criticised for being opaque.

"The economic cooperation between Iran and India in this (oil trade) connection is still continuing," Qalebani said.

U.S. sanctions do not cover oil sales.

On Friday, Deputy Oil Minister Ahmad Khaledi said the dispute with India had been settled by changing the currency for trading. "By changing the currency for oil transactions between Iran and India the problem was solved."

A senior Indian official present at a Friday meeting with Iranian officials said the idea of using euros instead of dollars was discussed but the two sides would need to make sure the European Central Bank would be happy with the transparency.

Qalebani made no reference to any new arrangement between the two countries.



Agencies


Related news reports:

Iran-India oil trade dispute "solved" - UPDATED

Last Mod: 02 Ocak 2011, 16:06
Add Comment