Iran, India find new way for oil shipments
Iran and India will sign a new agreement on barter trade, Iran's
Energy Minister Majid Namjoo said, Mehr news agency reported.
Namjoo explained that Iran has decided to use India's sources for
implementing projects in the Islamic republic, instead of receiving
money from oil shipments.
The minister noted that Iran has proposed a deal to India, and the
negotiations with Indian officials are scheduled to take place in
the near future.
Due to numerous sanctions imposed on Iran, the country has been
experiencing tough times receiving money from its oil exports. In
particular Iran is unable to receive euros and U.S. dollars for its
crude.
According to Reuters, India's oil imports from Iran fell by more
than 40 percent in July from June and a year ago. India currently
is world's fourth-largest oil importer.
Refiners in India, Iran's biggest oil client after China, have struggled to find insurance and shipping for imports since the European Union brought in sanctions on July 1 banning most major insurance firms from covering Iranian oil shipments.
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