Indian Oil Corporation Limited Iran

Hi I would like to have the information about India’s Indian Oil Corporation Limited Clearing the $510m of Iran Oil Dues?

Indian Oil Corp (IOC), the nation's greatest oil firm, has settled $510 million of its exceptional oil duty to Iran, a senior authority with the company said.

IOC Director Sanjiv Singh said the organization has paid $510 million out of the aggregate exceptional of $621 million because of Iran in past oil duty, Press Trust of India provided the details.

On May 21, 2016 the Indian government paid the initial segment of its exceptional oil levy to Iran in euros through Turkey's Halkbank.

Be that as it may, Indian refiners later on June 9 reported that they had begun to settle whatever is left of their obligations to Iran by means of State Bank of India and Germany-based bank Europaeisch-Iranische Handelsbank AG (EIH).

Notwithstanding the IOC, Mangalore Refinery and Petrochemicals Ltd (MRPL) needs to pay Iran $2.8 billion. HPCL-Mittal Energy Ltd (HMEL) needs to pay $97 million and Hindustan Petroleum Corp (HPCL) owes $29 million.

Meanwhile, A K Sharma, the budgetary chief of the IOC stated, the partnership has raised raw petroleum import from Iran to four crease.

"It has contracted to import 5 million tons (MT) of unrefined petroleum from Iran in 2016-17, up from 1.2 MT," he said.

India has relentlessly raised raw petroleum imports from Iran after hostile to Tehran sanctions were lifted. Iran today is India's fourth greatest raw petroleum provider.

__________________
Answered By StudyChaCha Member