Indian Oil Corp. (530965.BY) expects to make payments to Iran for crude oil purchases later this month, the chairman of the state-run refiner said Thursday.
Indian Oil Corp. (530965.BY) expects to make payments to
Iran
for
crude oil purchases later this month, the chairman of the state-run refiner
said Thursday.
R.S. Butola declined to disclose the amount Indian Oil owes
Iran
or
the methods that will be used to make the payments to clear its unpaid bills.
Indian refiners haven't been able to regularly pay
Iran
for
crude supplies since December, when the South Asian nation's central bank
scrapped a longstanding clearing mechanism, which the
U.S.
said
Tehran
could
use to finance its alleged nuclear-weapons program. A subsequent effort to pay
through an Iranian-controlled German bank was also thwarted.
Three people familiar with the matter said Monday that Indian refiners have
started making payments to
Iran
through
Turkey
to
clear their arrears.
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