Crude export payment row with India resolved: Iran

Refiners like Mangalore Refinery and Petrochemicals Ltd MRPL have opened rupee accounts in the New Delhi branch of Union Bank of India,which will route euro payments to state-owned Turkiye Halk Bankasi Halkbank in Istanbul.

Halkbank will then transfer that money to the account of NIOC,sources involved in the process said here.

MRPL and Essar Oil last week transfered a small payment to Halkbank to test the conduit,which will be used to clear over 7 billion in outstanding dues to Iran that have accumulated. Indian Oil and Hindustan Petroleum will make payments next once the test payments are successful.

SHANA quoted NIOCs Director for International Affairs Mohsen Qamsari saying,The two sides had reached an agreement on the arrear payments8230; related bank accounts have been announced to Indian side and the amount deposited into our accounts would be revealed 8230; on Monday.