India to pay 1.5% interest on $6.5 billion Iran oil dues
The demand for interest rate was made when Oil Minister Dharmendra Pradhan met Iranian Central Bank Governor Valiollah Seif in Tehran on April 9./ NEW DELHI: India has agreed to pay Iran an interest of 1.5 per cent on USD 6.5-billion that refiners like Essar Oil and Refinery (MRPL) owe it in oil dues, as a 'goodwill gesture'. Iran had sought an interest rate of Libor-plus 75 basis points on the USD 6.5 billion Indian refiners owe it in past oil dues, to make up for the foreign exchange losses. "Although we believe there is no interest due, ...
Click
To Read Full Article