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                                        Volume. 12118

India pays final tranche of $550m of oil dues to Iran
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India paid a third and final installment of $550 million to Iran on Thursday, as part of the frozen funds released to Tehran in the interim deal with world powers, three industry sources said.
 
Under a pact reached in November, Iran won access to $4.2 billion in oil revenues held by its buyers, to be paid out in eight money transfers through July. The payments were linked to Iran carrying continuous reduction in its nuclear activities.
 
Iran and six world powers have now agreed to extend the November deal another four months, after failing to reach a final agreement before a July 20 deadline. The extension allows Tehran access to another $2.8 billion in frozen oil monies.
 
Five Indian refiners — Mangalore Refinery and Petrochemicals, Essar Oil, Indian Oil, Hindustan Petroleum and HPCL-Mittal Energy (HMEL) — have partly paid money owed for crude imports in the previous two installments.
 
Of the total of about $4.6 billion the refiners owe Iran as of May 31, they have paid $1.65 billion by taking the last three of the eight payment slots scheduled in the November deal.
 
India, which imports a total of 4 million barrels per day of oil, has been steadily reducing its dependence on Iran. Over the last five years to the fiscal year ended this past March 31, Iran's share of India's crude imports has fallen by two-thirds to 5.8 percent.
 
(Source: Reuters)

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