IPSC: India and Iran seeking resumption of oil payments and expansion of Iranian oil exports to india.
Indian and Iranian officials are meeting this week to discuss Indian oil payments to Iran following the deal between Iran and the 5+1 countries.
A long awaited interim deal was reached between Iran and the 5+1 countries on the Iranian nuclear issue, which provided Iran with limited relied from economic sanctions and as a result enabling some oil payments to Iran to be resumed.
Two government sources said that the India and Iran will discuss payments for oil in Euros through a Turkish bank.
A delegation of Iranian officials led by Gholamali Kamyab, deputy governor of Iranian Central Bank, is in India until December 13. Reuters reported that the group met officials of the finance ministry and Reserve Bank of India on Tuesday.
Arvind Mayaram, a senior official at India’s finance ministry, said that in the meeting the Iranian and indian delegation focused on ways to increase oil imports by India from Iran and exports to Iran from India.
Ajay Sahai, director general, Federation of Indian Export Organizations (FIEO) said, that Indian exports to Iran are expected to touch $6 billion in the year to March 31, 2014, almost double last fiscal year’s $3.2 billion.