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India hopes for quick solution to Iran payments issue

India hopes for quick solution to Iran payments issue
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First Published: Thu, Dec 30 2010. 12 16 PM IST
Updated: Thu, Dec 30 2010. 12 16 PM IST
New Delhi: India expects to reach a solution to a dispute with Iran over the mechanism for settling oil import sales in the next few days, oil secretary S. Sundareshan said on Thursday.
He also said upstream firms would not have to shoulder more than 33% of the burden of subsidies for revenue losses of oil retailers who have to sell fuel below market prices.
The RBI has said deals with Iran must be settled outside the Asian Clearing Union system and Iran has refused to sell oil under these new rules.
Sundareshan added his ministry was discussing the issue with the finance ministry.
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First Published: Thu, Dec 30 2010. 12 16 PM IST