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Iran says India paid all $5 billion of oil debts

World News

04-09-2011 | 03:39

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Iran says India paid all $5 billion of oil debts

Iran says India paid all $5 billion of oil debts India has paid off all oil debts accumulated this year due to a sanctions-related problem, Central Bank Governor Mahmoud Bahmani told the official IRNA news agency on Sunday.

"Although all the $5 billion of India's oil debt has been cleared, because of selling oil again Iran will always be a creditor of that country," Bahmani said, adding the payment was received in cash and not in kind through a bartering system.

"So far, Iran has not had a bartering system with India for receiving oil debts but if it happens it would be for those products which are of a high quality and are needed by Iran," he said. – Reuters

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