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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'.

 

Iran ends free oil shipping to India, demands payment in Euros

Iran ends free oil shipping to India, demands payment in Euros

Iran, no longer under sanctions, has ended free shipping of crude oil to India and has terminated a three-year old system of getting paid for half of the oil dues in rupees

RBI exploring modalities of oil payments to Iran: Rajan

The Reserve Bank of India is holding discussions with Tehran on modalities of payment of reported dues of USD 6.5 billion for oil imports, Governor Raghuram Rajan said.

Reliance set to buy Iran oil after five-year hiatus

Reliance set to buy Iran oil after five-year hiatus

Reliance Industries Ltd , owner of the world`s biggest refining complex, is preparing to buy oil from Iran next month after a gap of about five years, said an industry source with knowledge of talks between the two.

Iran offers no action in support of global oil pact

Iran on Wednesday stopped short of offering to restrain oil output as part of a global pact to freeze production to prop up prices, because it wants to recapture the market share it lost during years of sanctions.

Iran asks India to clear dues worth $6 bn in euros within six months

Iran asks India to clear dues worth $6 bn in euros within six months

With US lifting sanctions, Iran has told Indian authorities that the three-year old mechanism, paying 45 percent of oil import bill in rupees and keeping the remaining 55 percent pending for payment channels to clear, has come to an end.

India looks to raise oil imports from Iran as sanctions lifted

India looks to raise oil imports from Iran as sanctions lifted

With crippling international sanctions against Iran ending, India is looking to increase crude oil imports from the Persian Gulf nation and get oilfield contracts but faces an immediate USD 5.8 billion payout in past oil dues.

Gulf shares slide on oil rout, Iran's return

Gulf shares slide on oil rout, Iran's return

Share prices in the energy-rich Gulf states nosedived Sunday following the sharp decline in oil prices and the expected rise in Iranian crude exports after the lifting of economic sanctions.

Iran to boost oil exports by 500,000 bpd after sanctions: Shana

Iran to boost oil exports by 500,000 bpd after sanctions: Shana

Iran is ready to increase its crude oil exports by 500,000 barrels a day, the deputy oil minister said on Sunday, hours after international sanctions on Tehran were lifted, removing an obstacle to exports.

Iran topples Kuwait to become India's 5th largest oil supplier

Iran topples Kuwait to become India's 5th largest oil supplier

Iran, which was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11, sold 6.53 million tons of oil to India in April-September as compared to 5.31 million tons crude coming from Kuwait, official sources said.

Iran in talks for $4.5 billion undersea gas pipeline to Gujarat

Iran in talks for $4.5 billion undersea gas pipeline to Gujarat

Iran, the world's largest holder of gas reserves, today said negotiations are underway to lay a USD 4.5 billion undersea gas pipeline to Gujarat after India shunned an onland line passing through Pakistan.

Iran insists on `right` to raise oil output: Minister

Iran insists on `right` to raise oil output: Minister

Iran will not bow to pressure to avoid increasing its oil output following the lifting of sanctions despite slumping crude prices, its oil minister insisted here on Thursday.

Indian oil companies pay $700 mn to Iran for oil

Indian oil companies pay $700 mn to Iran for oil

Essar Oil, MRPL and other Indian refiners today paid Iran USD 700 million to clear over one-tenth of their outstanding oil dues, the first payment this year ahead of easing of international sanctions against the Persian Gulf country.

India to clear dues worth $6.5 bn to Iran in tranches: Govt

India will clear USD 6.5 billion of dues it owes to Iran for oil import in tranches, with the first installment going out as early as in a week, Finance Secretary Rajiv Mehrishi has said.

RBI to facilitate oil payments of $6.5 billlion to Iran

he Reserve Bank of India (RBI) will assist Indian refiners to clear over USD 6.5 billion of past dues they owe to Iran for crude oil purchases, a senior official said Wednesday.

Iran's oil comeback may be later than sooner, but will still add to glut

Iran's oil comeback may be later than sooner, but will still add to glut

A day after an Iran nuclear deal was finally reached oil prices edge higher as investors recognised it would take time for Tehran to raise output, but the eventual increase in its exports will add fuel to a market already plentifully supplied.

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.

OPEC looks for help to tackle oil supply glut

OPEC needs non-cartel members to help address an oil supply glut that is set to grow next year, Iran`s oil minister said here Wednesday.

India makes another $400 mn payment to Iran

Mangalore Refinery and Petrochemicals Ltd, the nation's largest buyer in the public sector, paid USD 154 million (about Rs 950 crore), while private sector Essar Oil paid about USD 201 million, industry sources said.

India pays another $500 mn in oil dues to Iran

India on Wednesday paid Iran USD 500 million to clear a part of its past dues for crude oil it buys from the Persian Gulf nation.