Iran says India paid all $5 bln of oil debts -IRNA

Iran says India paid all $5 bln of oil debts -IRNA

India has paid off all oil debts accumulated this year due to a sanctions-related problem, Central Bank Governor Mahmoud Bahmani told the official IRNA news agency on Sunday.

September 4, 2011 10:44 by Reuters

“Although all the $5 billion of India’s oil debt has been cleared, because of selling oil again Iran will always be a creditor of that country,” Bahmani said, adding the payment was received in cash and not in kind through a bartering system.

“So far, Iran has not had a bartering system with India for receiving oil debts but if it happens it would be for those products which are of a high quality and are needed by Iran,” he said. (Reporting by Ramin Mostafavi; Writing by Robin Pomeroy)

AP file photo.

Tags: india debt, India Iran, India Iran oil, Iran oil payment, oil debt India

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1 Comment

MK on September 5, 2011 11:28 am

Due to the country’s rich natural and human resource, I can’t think of anything that India can offer to Iran aside from $.

Unless…wait a minute…they can send cheap labor like they do for the UAE??
Oh but wait, there are plenty of those already thanks to Afghanistan!

My point is that a bartering system is not really plausible here!!

If I’m wrong please enlighten me