Azerbaijan, Baku, Aug. 20 /Trend/
India has agreed to pay $1 billion oil debt to Iran by the end of August, Mehr News Agency reported quoting executive director for international affairs at National Iranian Oil Company Mohsen Ghamsari as saying.
"Currently, four Indian oil refineries are paying their debts and so far India's $2 billion oil debt to Iran has been paid," he said.
He noted Indian refineries will pay off all their debts at least by the end of August and Iran continues to export oil to India in September, however the volume depends on the process of paying debt.
Iran's oil export to India reduced by 90,000 barrels of oil per day from July 23. However, the Oil Ministry says the reduction is temporary and connected with the technical problems in India's oil terminals, but not with India's debts.
Despite India's debt, Iran continues to export 400,000 barrels of oil per day worth one billion dollar per month to India.