India to Pay Off Debts to Iran Soon: Minister

India to Pay Off Debts to Iran Soon: Minister

TEHRAN (Tasnim) – Visiting Indian Oil Minister Dharmendra Pradhan pledged on Saturday that his country will clear its debts to Iran for crude oil imports in the near future.

Speaking in a meeting with Central Bank of Iran (CBI) Chief Valiollah Seif in Tehran, Pradhan made assurances that New Delhi will pay all its debts to Tehran, saying that some agreements have already been reached between the two countries in this regard.

The two sides have agreed to use the US dollar as the basis for the calculation of the debts, he said, adding that the payments will start as soon as Iran declares its accounts and give details to Indian side.

He further voiced India’s willingness to invest in Iranian energy projects, including the development of Farzad-B gas field in the Farsi offshore block near the port city of Chabahar.

In July last year, Indian Finance Secretary Rajiv Mehrishi made a visit to Tehran at the head of a high-ranking delegation and discussed payment of $6.5 billion that India owes in past oil dues.

The 4-member delegation included an official from Reserve Bank of India (RBI) as well as the country’s oil ministry.

The visits follow the nuclear agreement reached between Iran and world powers last summer.

All nuclear-related sanctions imposed on Iran were lifted after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) reached the deal on July 14, 2015 and started implementing it on January 16.

Most Visited in Economy
Top Economy stories
Top Stories