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India paid all $5 bn of oil debts to Iran: report

India paid all $5 bn of oil debts to Iran: report
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First Published: Sun, Sep 04 2011. 01 54 PM IST
Updated: Sun, Sep 04 2011. 01 54 PM IST
Tehran: India has paid off all oil debts accumulated this year due to a sanctions-related problem, Central Bank of Iran governor Mahmoud Bahmani told the official IRNA news agency on Sunday.
“Although all the $5 billion of India’s oil debt has been cleared, because of selling oil again. Iran will always be a creditor of that country,” Bahmani said, adding the payment was received in cash and not in kind through a bartering system.
“So far, Iran has not had a bartering system with India for receiving oil debts but if it happens it would be for those products which are of a high quality and are needed by Iran,” he said.
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First Published: Sun, Sep 04 2011. 01 54 PM IST
More Topics: Iran | India | Oil | Energy | Economy and Politics |