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India,Iran Islamic Republic of : India, Iran differ on currency conversion rates to clear dues owed to import Iranian crude oil.

India and Iran have differed on the currency conversion rates to clear multi-billion dollars of dues that Indian oil companies owe to Tehran to import crude oil since 2012.

This becomes important at a time when Indian refiners like MRPL, Essar Oil, HMEL, HPCL and IOC are still awaiting a payment channel to clear their dues after the removal of bans by western powers last year.

Indian refiners would have to pay more if bills are cleared on current currency conversion rates.

Apart from the nearly $6 billion to be paid to Iran in euro, the Indian oil refiners would also be required to pay Rs 12,000 crore in rupee.

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Publication:Mena Report
Geographic Code:7IRAN
Date:May 2, 2016
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