Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Iran says dispute will not affect oil exports to India
The two countries will have to fix a new payment method, after India said it would no longer use a regional clearinghouse system which had been criticized for being opaque
Reuters Published in Ahram Online on 02 - 01 - 2011

A senior Iranian Oil Ministry official said on Sunday Iran's oil exports to long-time trading partner India had continued despite a dispute over the method of payment, student news agency ISNA reported.
"There has been no disruption in the sale and exports of oil to India in recent days," said Ahmad Qalebani, the head of state National Iranian Oil Company (NIOC).
India buys about 400,000 barrels per day of Iranian crude.
Qalebani said the two countries were determined to carry on cooperating despite problems agreeing a new payment method, after India said last week it would no longer use a regional clearinghouse system which had been criticised for being opaque.
"The economic cooperation between Iran and India in this (oil trade) connection is still continuing," Qalebani said.
The Islamic state, the world's fourth-largest oil producer, is under sanctions over its nuclear work. Washington and its allies fear the programme is a cover to build bombs, while Tehran says it is only aimed at generating power.
Although U.S. sanctions do not cover oil sales, the Asian Clearing Union system used by India and Iran for the trade had been criticised for making it difficult to monitor flows into Iranian organisations against which Washington has sanctions.
On Friday, Deputy Oil Minister Ahmad Khaledi said the dispute with India had been settled by changing the currency for trading. "By changing the currency for oil transactions between Iran and India the problem was solved."
A senior Indian official present at a Friday meeting with Iranian officials said the idea of using euros instead of dollars was discussed but the two sides would need to make sure the European Central Bank would be happy with the transparency.
Qalebani made no reference to any new arrangement between the two countries, which implied the issue remained unresolved.

Clic here to read the story from its source.