India delegation to visit Iran to discuss oil payments

(Reuters) – An Indian delegation will shortly visit Iran to discuss the oil payment mechanism, and will include representatives from the oil ministry, oil companies, refiners and the finance ministry, oil secretary Vivek Rae said on Wednesday.

Iran and six world powers reached a deal on Sunday to curb Tehran’s nuclear programme in exchange for limited relief from sanctions imposed by the U.S. and European Union (EU) that have slashed Tehran’s oil exports.

India may look at higher Iranian crude imports in the next fiscal year, depending on the easing of economic sanctions following the deal, Rae said.

India, currently Iran’s second-largest buyer of crude, remains focussed on importing 220,000 bpd (barrels per day) Iranian oil in 2013/14, the oil secretary said.

By Reuters


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