India is ready to give prices of Iranian Oil in Euro Instead of Indian Rupee

Euro

Euro

Petroleum and Gas Ministry sources said that Indian government was ready to pay for Iranian fuel in Euros instead of Indian rupee. On Monday, citing reliable sources, the Telegraph newspaper reported that after the formal application from Iran, India would take initiative for paying the price of oil in Euro instead of Rupees as soon as possible.

On March 16th, International Affairs Director of Iran National Oil Company, Mohsen Kamasari said, “India wants to increase oil imports from Iran. We declare with respect to their interest that the situation of taking the oil price in Euro has been made.”

Earlier, Iran’s national oil-tanker company announced at last January, Iran has started using its own oil-tanker to its buyers in Asia due to easing the restrictions based on the Geneva Agreement in oil sales. During the restrictions, Iran used to export oil using the buyer country’s or a third party’s tanker. Last November, Iran signed a nuclear deal with the six groups in Geneva, Switzerland and the implementation of that deal was started on 20 January. From that day, Europe has slightly withdrawn the restrictions on Tehran.