In­dia work­ing out pay­ment mech­a­nism to pur­chase Ira­nian oil

Tehran Times - - ECONOMY -

TEHRAN — In­dia is yet work­ing out a pay­ment mech­a­nism for con­tin­ued pur­chase of Ira­nian oil, Eco­nomic Af­fairs Sec­re­tary at the In­dian Fi­nance Min­istry Sub­hash Chan­dra Garg told CNBC TV18 news chan­nel.

In­dian Oil Min­is­ter Dhar­men­dra Prad­han has con­veyed that New Delhi will con­tinue to buy Ira­nian oil to some ex­tent, the of­fi­cial said, Reuters re­ported.

In­dia has al­ready placed or­der to buy nine mil­lion bar­rels of Ira­nian oil next month de­spite U.S. sanc­tions against Tehran’s oil sec­tor com­ing into force from Novem­ber 4.

Prad­han said on Mon­day that two In­dian com­pa­nies have placed or­ders to buy Ira­nian oil in Novem­ber

In­dia’s Novem­ber load­ing of Ira­nian oil will be sharply lower than its pur­chases in the April-Septem­ber pe­riod.

In­dia was dis­cussing its op­tions to buy Ira­nian oil with all au­thor­i­ties, Prad­han said.

The United States plans to im­pose new sanc­tions tar­get­ing Iran’s oil sec­tor on Novem­ber 4.

U.S. Sec­re­tary of State Mike Pom­peo said in In­dia last month that the Trump ad­min­is­tra­tion would con­sider waivers for Ira­nian oil buy­ers such as In­dia but they must even­tu­ally bring the im­ports to zero.

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