India working out payment mechanism to purchase Iranian oil

October 12, 2018 - 20:21

TEHRAN- India is yet working out a payment mechanism for continued purchase of Iranian oil, Economic Affairs Secretary at the Indian Finance Ministry Subhash Chandra Garg told CNBC TV18 news channel.

Indian Oil Minister Dharmendra Pradhan has conveyed that New Delhi will continue to buy Iranian oil to some extent, the official said, Reuters reported.

India has already placed order to buy nine million barrels of Iranian oil next month despite U.S. sanctions against Tehran’s oil sector coming into force from November 4.

Pradhan said on Monday that two Indian companies have placed orders to buy Iranian oil in November

India’s November loading of Iranian oil will be sharply lower than its purchases in the April-September period.

India was discussing its options to buy Iranian oil with all authorities, Pradhan said.

The United States plans to impose new sanctions targeting Iran’s oil sector on November 4.

U.S. Secretary of State Mike Pompeo said in India last month that the Trump administration would consider waivers for Iranian oil buyers such as India but they must eventually bring the imports to zero.