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Report: India repays $5 billion oil debt to Iran

Report: India repays $5 billion oil debt to Iran

September 4th, 2011 in News

TEHRAN, Iran (AP) - Iran's central bank governor says India has fully paid off $5 billion it owed for Iranian oil imports.

Mahmoud Bahmani was quoted on Sunday on the official IRNA news agency as saying that while the final payments zeroed out the outstanding balance, exports continue to India and New Delhi still has unpaid debts to the OPEC member. He said the payment was not made using swaps for the oil. The report did not clarify how the payments were made.

Indian refiners have been struggling for months to find a way to pay for the oil as sanctions imposed on Tehran over its controversial nuclear program largely restricted the use of bank transfers.

India imports about 400,000 barrels per day of oil from Iran, making Tehran its second largest supplier.