Middle East Economic Survey

VOL. LIV

No 14

1-Apr-2011

IRAN

Iran and India Finalize Oil Supply Payment Process

Indias Oil Secretary S Sundareshan told a press conference in New Delhi on 28 March that the central banks of India and Iran have finalized an agreement on a new mechanism that will channel payments from Indian oil importers via Germanys central bank and the Iranian controlled Europäisch-Iranische Handelsbank (EIH). Germanys Foreign Ministry and Ministry of Finance have already...