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Due to the donkey stupidity of the mullahs of Iran, Iran isn't the main source of oil for India and Pakistan, even though geography and other considerations should make it so. But at least it is good that differences over recent non-payment have been resolved through extensive negotiations between Iran and India, but should not have reached that situation for 5/6 months without the problem being addressed earlier.
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India pays €1bn of debt to Iran
Presstv.com
An Iranian official says India has cleared EUR 1 billion (USD 1.42 billion) of its massive debt to Iran and Tehran has no problem in continuing to supply New Delhi with crude.
Managing Director of the National Iranian Oil Company (NIOC) Ahmad Qalebani told reporters on Monday that India had paid EUR 1 billion of its 4.8 billion-euro (USD 6.8 billion) debt to Iran, IRIB reported.
“There is no problem with regards to selling oil and the demand [for our oil] is more than we export,” he added.
Turing to reports about China and South Korea's debts for the crude they import from Iran, Qalebani said, “The Central Bank of Iran (CBI) as the sole body in charge of receiving payment for the country's oil exports has not reported such a matter to NIOC.”
The managing director of the National Iranian Oil Company (NIOC) said on July 31 that after intensive negotiations between the Islamic Republic of Iran and India, the two sides agreed to clear the debts as soon as possible.
"In the coming days part of India's oil debt will be cleared and the rest will be gradually settled," Qalebani said.
India is Iran's second largest client after China, but Indian firms have been struggling for more than six months to pay Tehran because of international banking sanctions imposed on the Islamic Republic over its nuclear program.
In early June, Tehran warned it would halt exports to India from August unless the payment dispute is resolved.
