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India Set to Pay $1.5 b of Oil Money to Iran

Source: www.gulfoilandgas.com 2/26/2014, Location: Asia

"We are ready to make a payment as soon as banking modalities are worked out," Vivek Rae was quoted by Reuters as saying.

Iran and the five permanent members of the UN Security Council – the US, Britain, France, Russia and China -- plus Germany signed the Geneva deal on November 24, 2013. The two sides started to implement the agreement on January 20 and aim to continue negotiations for a final comprehensive deal.

The sanctions relief for Iran includes access to $4.2 billion of its oil revenues frozen abroad by eight money-transfer schedules through July.

New Delhi has significantly increased its oil imports from Iran following the recent partial suspension of sanctions on the Islamic Republic.

India’s imports from Iran also more than doubled in January, surging to 412,000 barrels per day (bpd), up from 189,100 bpd in December.

India is among Asia’s major importers of energy and relies on the Islamic Republic to satisfy a portion of its energy requirements.

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