India clears USD 550mn oil payment to Iran

An Iranian oil tanker (file photo)

India has cleared USD 550 million of oil payments to Iran under an interim nuclear deal between Tehran and the P5+1 which allows the release of over four billion dollars of blocked Iranian funds globally.

Indian industry and government sources said that New Delhi cleared USD 550 million pending oil payments to Tehran on Thursday, Reuters reported.

According to an Indian government source privy to the issue the payment was made by five Indian refiners – MRPL, Essar Oil, Indian Oil Corp., Hindustan Petroleum Corp and HPCL-Mittal Energy Ltd..

India is among Asia’s major importers of energy, and relies on the Islamic Republic to meet a portion of its energy requirements.

Iran and the five permanent members of the UN Security Council — the US, France, Britain, Russia, China — plus Germany reached a deal on Tehran’s nuclear energy program on November 24, 2013, in the Swiss city of Geneva. The six-month deal took effect on January 20.

Under the Geneva deal, the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.

The sanctions relief for Iran includes access to USD 4.2 billion of its blocked oil revenues due to be released in eight installments. The latest tranche of payment by India was the sixth such payment.

By Press TV


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