Wednesday, Feb 08, 2012
NEW DELHI (Dow Jones)--Iran Wednesday said it has agreed to accept a part of payments for crude oil supplies to India in rupees.
Iran's embassy in New Delhi, in a statement, however didn't say how much of the payments will be in the Indian currency.
Sayed Mehdi Nabizadeh, Iran's ambassador to India, Tuesday told reporters that India will pay in rupees for 45% of its crude oil imports.
Tehran and New Delhi have been trying to find a mechanism for settling trade as the sanctions from West on the Middle East nation may disrupt the current mechanism of making payments through Turkey's Halkbank.
India had said it will continue importing crude from Iran as it abides by sanctions of Untied Nations only and doesn't accept sanctions by any individual country or bloc.
India's oil ministry spokesman couldn't be reached for comment.
-By Rakesh Sharma, Dow Jones Newswires; +91-11-4356-3334; rakesh.sharma@dowjones.com
(END) Dow Jones Newswires
08-02-12 1433GMT
