Second payment since Persian Gulf nation reached a historic nuclear deal with western powers India on October 12 will pay another $700 million to Iran to clear part of past oil dues, the second payment since the Persian Gulf nation reached a historic nuclear deal with western powers. Essar Oil, Mangalore Refinery and Petrochemicals Ltd (MRPL),...

Iran has asked India to clear $6.5 billion in an outstanding debt within two months, a top Indian official said on Thursday, quoted by the countrys media. The unnamed official said the payment, partly in rupees and the rest in dollars or euros, will be made in at least three installments and thatthe modalities and the routes were being worked out,...

MUMBAI: An obscure Indian bank has been an unlikely beneficiary of Western sanctions against Iran, handling billions of dollars from frozen oil payments that boosted its interest margins, but is now having to prepare itself for life after the windfall. UCO Bank, a Kolkata-based state lender that had been among India's poorer performers, saw revenue ...

Last year, India was forced to pay for Iran crude through Turkish Halk Bank and its own UCO Bank, in 55:45 in dollar/rupee terms Petroleum minister MVeerappa Moilys master-plan to bring down the foreign exchange outflow by $20 billion may get an Iranian shocker. According to official sources close to the development, the Islamic republic has asked ...

By Hindustan Times India is working with Iran, which has been hit by sanctions, to find a mechanism to sort out the problem of making payments in Indian currency for oil purchase, an Iranian minister said today. The minister also asked New Delhi to make up its mind on the issue of joiningIran-Pakistan-India (IPI) gas pipeline project. "Indian ...