INDIA READY TO PAY $1.5 BN OIL MONEY TO IRAN: OFFICIAL

New Delhi,26 Rabiul Akhir 1435 / 26 February 2014 (MINA) – India’s oil secretary says New Delhi is ready to pay $1.5 billion to Iran for oil imports following the partial easing of sanctions on Tehran as part of the Geneva nuclear deal.

“We are ready to make a payment as soon as banking modalities are worked out,” Vivek Rae was quoted by Reuters as saying on Tuesday, according to Press TV report monitored by Mi’raj Islamic News Agency (MINA) .

Iran and the five permanent members of the UN Security Council – the US, Britain, France, Russia and China — plus Germany signed the Geneva deal on November 24, 2013. The two sides started to implement the agreement on January 20 and aim to continue negotiations for a final comprehensive deal.

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Under the Geneva agreement, the Sextet of world powers agreed to provide Iran with some sanctions relief in exchange for Tehran agreeing to limit certain aspects of its nuclear activities during a six-month period. It was also agreed that no nuclear-related sanctions would be imposed on Iran within the same time frame.

The sanctions relief for Iran includes access to $4.2 billion of its oil revenues frozen abroad by eight money-transfer schedules through July.

New Delhi has significantly increased its oil imports from Iran following the recent partial suspension of sanctions on the Islamic Republic.

India’s imports from Iran also more than doubled in January, surging to 412,000 barrels per day (bpd), up from 189,100 bpd in December.

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India is among Asia’s major importers of energy and relies on the Islamic Republic to satisfy a portion of its energy requirements. (T/E01/IR)

Mi’raj Islamic News Agency (MINA)