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Iran and India to resolve oil payment dispute

August 01/2011

(Arabian Oil and Gas) -- India has settled a USD 5 bln dispute over payment for oil imports from Iran, according to reports from the Iranian oil ministry and the Iranian state-backed Mehr news agency.

In order to navigate payment through what has been described by the Carnegie Endowment for Peace as the "swiss cheese" of international sanctions currently levied against Iran, India will make the USD 5 billion back payment and future payments for crude through a Euro-denominated facility in Turkey's Halkbank.

While buying Iranian crude remains legal under the sanctions regime, severe financial restrictions have made it difficult to pay Tehran for crude exports.

India imports around 400.000 barrels of oil per day from Iran, some 12% of total national daily demand. The Iranian oil ministry had threatened to cancel future exports to India if payment terms were not negotiated.

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