Oil 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.

MRPL and private sector refiner Essar Oil last week transfered a small payment to Halkbank to test the conduit,which will be used to clear over USD 7 billion in outstanding dues to Iran that have accumulated.

Indian Oil IOC and Hindustan Petroleum HPCL will make payments next once the test payments are successful.

Qalebani on the website was quoted as saying that 8220;part of the arrear payments would be settled this week.8221;

SHANA quoted NIOC8217;s Director for International Affairs Mohsen Qamsari saying that 8220;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 by reopening the international banks on Monday.8221;

He said Iran8217;s 400,000 barrels per day of oil exports to India were 8220;going on as usual.8221;