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India to pay 1.5% interest on $6.5 billion Iran oil dues

India to pay 1.5% interest on $6.5 billion Iran oil dues

India has agreed to pay Iran an interest of 1.5 percent on USD 6.5-billion that refiners like Essar Oil and Mangalore Refinery (MRPL) owe it in oil dues, as a 'goodwill gesture'.


India asks refiners to cut Iran oil imports ahead of Obama visit: Sources

India has asked its refiners to slash oil buys from Iran in the next two months to keep the imports in line with the previous fiscal year`s levels, sources with knowledge of the matter said, days ahead of President Barack Obama`s visit to New Delhi.

Indian refiners' credit metrics to improve in 12 months: Moody's

Moody's Investors Service on Tuesday said it expects Indian refiners' credit metrics to improve over the next 12 months on decline in borrowings.

India's vegetable oil imports decline 6% in March

The country's vegetable oil imports fell by 6 percent to 8.35 lakh tonnes in March due to a continuous fall in shipments of palm oil, industry body SEA said on Tuesday.

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Iran has asked India for USD 1.5 billion in back oil payments under the nuclear deal that provides Tehran some relief from Western sanctions, Indian sources with direct knowledge of the matter said on Thursday.

Govt plans Rs 2k cr insurance fund for Iranian crude refiners

The fund will start after the refiners contribute money to it, Financial Services Secretary Rajiv Takru said.

India may stop importing Iran oil after insurers back out

Indian refiners may soon be forced to stop importing crude oil from Iran after insurance companies said refineries processing oil from the Persian Gulf nation will no longer be covered.

Iran struggles to find new buyers for oil: Report

Iran is struggling to find new buyers for crude oil as Western sanctions start to bite, a newspaper reported on Monday.

Saudi Arabia offers more crude supplies to India

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