GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

After US Waiver, India Aims to Sign Pact With Iran For Oil Payments in Rupees

India had used a similar mechanism in the previous round of sanctions but settled only 45 percent of the payments in rupees.

Reuters

Updated:November 6, 2018, 7:21 PM IST
facebookTwittergoogleskypewhatsapp
After US Waiver, India Aims to Sign Pact With Iran For Oil Payments in Rupees
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran. (Reuters/Representative image)
Loading...
New Delhi: India aims to sign an initial agreement with Iran this month to settle all their oil trade in rupees through UCO Bank, two Indian government sources said.

"We have to do some paper work. It should be signed as early as possible. We are aiming for this month," one of the sources said.

India, which got a waiver from the latest tougher US sanctions against Tehran on Monday, used a similar mechanism in the previous round of sanctions but settled only 45 percent of the payments in rupees.

Iran used the funds to import goods from India, a move that had helped boost India's exports to Tehran.

Paying for Iranian oil in rupees will also strengthen the Indian currency against the US dollar.

Indian refiners will make payments in rupees for purchases of Iranian oil made since September, one of the sources said. Iran grants a 60 day credit period to Indian refiners.

The sources also said the U.S. wants India to restrict its monthly purchases of Iranian oil to 1.25 million tonnes, or 9 million barrels, during the waiver period from November.

The United States re-imposed sanctions on Monday to choke Iran's oil and shipping industries, while temporarily allowing top customers such as China and India to keep buying crude from the Islamic Republic.

The oil and petroleum ministry was not immediately available to comment.

Indian Oil Corp, India's top refiner, and Mangalore Refinery and Petrochemicals Ltd placed an order on Tuesday with National Iranian Oil Co to buy a total of 9 million barrels of oil in December, industry sources said.

IOC would buy 6 million barrels of Iranian oil, while MRPL would import 3 million barrels, the sources added. Spokesmen for MRPL and IOC declined to comment.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Jet Airways 320.90 24.43
Yes Bank 205.85 -7.44
ICICI Bank 370.00 0.93
Maruti Suzuki 7,478.30 1.48
Reliance 1,096.85 -0.10
Company Price Change %Gain
Jet Airways 320.95 24.52
Motherson Sumi 143.05 -6.87
Yes Bank 206.00 -7.42
Maruti Suzuki 7,482.85 1.50
Apollo Hospital 1,265.65 8.53
Top Gainers
Company Price Change %Gain
Adani Ports 346.20 4.28
Titan Company 920.80 3.21
Eicher Motors 23,945.35 3.03
Kotak Mahindra 1,162.25 2.86
Hero Motocorp 2,922.15 2.62
Company Price Change %Gain
Adani Ports 345.30 4.19
Kotak Mahindra 1,162.65 2.93
Hero Motocorp 2,917.20 2.20
Axis Bank 625.65 2.11
Tata Motors 179.95 1.78
Top Losers
Company Price Change %Gain
Grasim 808.70 -7.72
Yes Bank 205.85 -7.44
Indiabulls Hsg 804.85 -4.10
NTPC 153.80 -2.26
Bharti Infratel 255.40 -1.79
Company Price Change %Gain
Yes Bank 206.00 -7.42
NTPC 153.90 -2.16
ONGC 158.90 -1.15
Sun Pharma 514.95 -1.04
Coal India 263.05 -0.96

Live TV

Loading...
Loading...