India to pay $700 million to Iran on Wednesday
Source: PTI Indian refiners, including MRPL and Essar Oil, will pay Iran the first tranche of $700 million on Wednesday to clear nearly a tenth of outstanding oil dues. Mangalore Refinery and Petrochemicals Ltd (MRPL) will pay $300 million and a similar tranche may follow next month. Essar Oil will clear a little over $300 million in dues on September 30, top sources said. HPCL-Mittal Energy Ltd (HMEL) and Hindustan Petroleum Corp Ltd (HPCL) will be the other refiners to clear their part of the outstanding on Wednesday. Sources said the refiners will deposit rupee equivalent of $700 million in Kolkata-based UCO Bank which will then transmit the money to Reserve Bank of India (RBI). RBI will make arrangements for its ...
India to soon clear $700 million oil dues to Iran
Source: PTI India will in next few days pay Iran $700 million to clear more than one-tenth of the outstanding oil dues, ahead of the expected lifting of sanctions against Tehran. The Reserve Bank of India will make payments of $6.5 billion in past oil dues to Iran “in a calibrated manner so that there is no pressure on exchange rate”, a senior finance ministry official said on Monday. The first tranche will go out “sometime this month,” he said. Another official said the first tranche of $700 million will go out in "next few days". “Modalities are being worked out and it will be paid in next few days,” he said. US Treasury's Office of Foreign Assets Control last month approved ...
