Sunday, July 31, 2011

'Iran-India oil payment row resolved'

National Iranian Oil Company Managing Director Ahmad Qalebani

Source: Press TV

National Iranian Oil Company (NIOC) says the $5-billion oil payment dispute between India and Iran has been resolved without any interruption in the crude exports.

NIOC Managing Director Ahmad Qalebani said on Sunday that after intensive negotiations between the Islamic Republic and India, the two sides agreed to clear the debts as soon as possible, Shana -- the official website of Iran's Oil Ministry -- reported.

Qalebani noted that New Delhi will pay off some of the arrears of the past months over the next few days, and the rest is to be gradually paid.

"In the coming days part of India's oil debt will be cleared and the rest will be gradually settled," he said.

India is Iran's second largest client after China, but Indian firms have been struggling for more than six months to pay Tehran because of international banking sanctions imposed on the Islamic Republic over its nuclear program.

Earlier last month, Tehran warned it would halt exports to India from next month unless the payments dispute was resolved.

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