India, Iran resolve oil dispute

2011-02-04 09:08

An official says India and Iran have resolved a dispute over payments for Iranian crude oil with New Delhi agreeing to set up a new mechanism that would allow payments in euros.

The official said today that the State Bank of India would route the payments through a German-based bank, ending a nearly six-week long stalemate that had threatened to disrupt Iranian oil supplies to India.

The payments for Iranian crude would be made through the Hamburg-based Europaeisch-Iranische Handelsbank AG, the finance ministry official said, speaking on condition of anonymity as he was not authorised to speak to the media.

Iran is India’s second-largest crude oil supplier and meets more than 12% of its oil needs.

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