New Delhi: Iran has asked Indian oil refiners such as Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MRPL) to clear its past oil dues amounting to over $6 billion in euros within six months.
Iran has told Indian authorities that the three-year old mechanism, paying 45 per cent of oil import bill in rupees and keeping the remaining 55 per cent pending for payment channels to clear, has come to an end, A Press Trust of India (PTI) report said today.
The pending payments now total to over $6 billion which Iran has agreed to receive in instalments over the next six months, the report said.
Central Bank of Iran's vice governor Gholamali Kamyab told Indian authorities that crude oil payments now on would be in euro as Iran would not be able to undertake US dollar settlement through the US financial system.
QNA
