Indian refiners will pay for Iranian crude oil through Turkey's Halkbank after a test payment.
Iran's biggest Indian customer, India's state-run Mangalore Refinery and Petrochemicals Ltd (MRPL), released a small payment in Euros through Turkey's Halkbank to end a U.S.-inspired impasse that has built up over $5 billion of oil payment debts and prompted Iran to halt oil supplies making up 12 percent of India's demand.
According to sources with direct knowledge of the matter, this is the first payment and they hope this system would continue.
The payment has been made with involvement of Union Bank of India.
The source said payment from Essar Oil, the second biggest Indian client of Iran is also being processed through the same method. Other refiners would also pay in the next few days, potentially allowing flows to resume from Iran which is India's second largest supplier of oil after Saudi Arabia.
... Payvand News - 07/30/11 ... --