India is to pay Iran $700 million to clear one-tenth of oil dues in the last week of September, the first payment this year ahead of easing of international sanctions against the Persian Gulf country.
Tag: Persian Gulf
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PM tells Moily to cut oil import bill by $25 bn
The Union Oil Minister Marpadi Veerappa Moily on August 27 said that to reduce the current account deficit (CAD), the Prime Minister Manmohan Singh has sought $25 billion cut in oil import bill. India is renewing imports of the fuel from Iran as unlike imports from other countries. It pays the Persian Gulf nation in rupees. India paid about $170 billion last fiscal for importing oil.