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'Iran may cut oil flow to India in August'

Iran: Iran could stop oil exports to India starting on August 1 if the financial dispute over the payment of arrears is not resolved, according to an Iranian Oil Ministry official.The unnamed official told the Fars news agency on Monday that Iran does not want to halt oil shipments to India indefinitely and will only halt deliveries scheduled for August if India fails to pay its debt to the Islamic Republic.

Also on Monday, Central Bank of Iran Governor Mahmoud Bahmani said that there have been some negotiations with Indian officials over the overdue payment, which now stands at five billion dollars. Bahmani corrected earlier reports that said the figure was nine billion dollars.

In February 2011, Iran and India agreed to set up a new mechanism for the oil payments using euros through the EIH Bank in Germany.On April 7, Germany rebuffed pressure by the United States and the European Union to close down the EIH Bank, announcing that it has no proof that any illegal activities are being conducted by the bank.

Tuesday, Press TV

 

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