Zanganeh & Dharmendra Pradhan

Iran, India to trade oil in euros

TEHRAN, April 10 (Shana) –- Iranian Minister of Petroleum Bijan Zangeneh said Iran has stopped selling crude oil to India based on rupee and will replace it with euro from now on.

Speaking on the sidelines of Iran-India business conference at Tehran Chamber of Commerce Saturday evening, Zangeneh told reporters that “From now on, Iran will trade oil only in euros.”

Asked whether Iran will attend Doha meeting to finalize the oil freeze plan by major crude oil producers, he said, “There is still much time left to the meeting.”

“What power does Saudi Arabia enjoy to sanction our tankers,” answered Zangeneh about threats from Riyadh to ban tankers heading to and from Iran.
He further said Indian companies are keen on joining petrochemical development projects in Iran and Tehran is willing to cooperate with Indians in this regard and will supply their petrochemical plants with feedstock.

Zangeneh said Indian companies can operate in Iran whether independently or in the form of joint ventures or they can cooperate with engineering and equipment companies in Iran.