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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