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Indian delegation to visit Iran to discuss oil payment

Indian delegation to visit Iran to discuss oil payment

New Delhi: An Indian delegation will soon visit Iran to discuss the oil payment mechanism following Sunday's deal between Iran and the major world powers on the country's nuclear programme, Petroleum Secretary Vivek Rae said Wednesday.

The delegation will include representatives from the petroleum ministry, oil companies, refiners and the finance ministry.

As Iran’s new government has decided not to accept rupee payment beyond 45 percent for purchase of crude, India has opened negotiations with Tehran to work out other mechanisms, including payment in other currencies like rouble, yen or yuan.

Rae said India may look at higher Iranian crude imports in the next fiscal year, depending on the Western powers easing economic sanctions against Iran following the nuclear agreement.

Rae was speaking to reporters on the sidelines of a conference on energy security, organised jointly by the ministries of petroleum, power and external affairs alongwith the Confederation of Indian Industry (CII).

According to the agreement, Iran has accepted strict constraints on its nuclear programme for the first time in the past decade but will get partial relief from international sanctions.

India, which is Iran's second-largest buyer of oil, aims to import 220,000 barrels per day of Iranian crude in 2013-14, Rae added.


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