Indian delegation is to arrive in Tehran on Friday for talks on oil payment
crisis. The Indian team seeks finding an amicable solution to resolve crude oil
payment which can disrupt India's oil supplies from Iran.
The delegation is led by the Additional Financial Services Secretary, Rakesh Singh and officials of the Petroleum Ministry and ONGC Videsh Limited (OVL).
Iran and India faced problems in oil payment last month due to the US sanctions against Iran which made it difficult for India to route payments through the traditional Asian Clearing Unit (ACU) route.
"The delegation seeks picking a currency except dollar to pay for Iran's crude oil. Euro, yen and dirham are available options, but paying by rupee is difficult," Indian Financial Services Secretary R. Gopalan told reporters.
Also another Indian Petroleum Ministry official admitted that there is no other choice left for India since Iran is the second largest crude oil producer after Saudi Arabia.
Officials of Iranian and Indian central banks met last month, but they failed to find a solution.
Iran is under three sets of the UN Security Council resolutions due to its refusal to freeze civilian nuclear drive.
Also the US and EU adopted unilateral sanctions against Iran, mainly targeting its energy, insurance and banking sectors.
... Payvand News - 01/13/11 ... --