The Contentious payment problem for import of Iranian oil, has been resolved
Finance Minister Arun Jaitley said after meeting his Iranian counterpart Masoud
Karbasian in Washington.
“There were several pending issues with Iran, particularly relating to the
oil payment. Most of them have been resolved,” he told reporters.
Mr Jaitley, who is on a week-long visit to the US, led the Indian
delegation to the annual meetings of the International Monetary Fund and the
World Bank, as well as associated meetings.
The finance minister also said that India, which continued to import
Iranian oil even during the sanctions regime on Iran imposed by the West, has a
very stable relationship with the Persian Gulf nation.
Referring to India's decision to build terminals at Chabhar port he said it
is very strategic for both the countries, because the Chabahar port is not only
going to service Iran, but also going to service Afghanistan,” he said.
India and Iran have agreed to develop the strategic Chabahar port on Iran’s
southern coast that will help Indian access to Afghanistan and Central Asia,
As per the agreement with Iran last year, India will equip and operate two
berths in Chabahar Port Phase-I with a capital investment of 85.21 million US
Dollars and annual revenue expenditure of 22.95 million US dollars on a 10-year
An official of the Indian delegation told newspersons that the Iranian
finance minister Karbasian did not raise the issue of US President Donald
Trump’s latest pronouncements on the Iran nuclear deal during his meeting with
Accusing Iran of violating the international nuclear accord, President
Trump had threatened last week to pull the US out of the deal and put sanctions
against Iran back into place.
He said he would not certify to the US Congress by Sunday’s deadline whether
Iran is complying with the accord, a certification the US President is required
to make every 90 days.
The Iran nuclear deal was signed in 2015 between then US President Barack
Obama’s administration, Iran, Britain, China, France, Germany, Russia and the
European Union and endorsed thereafter by the UN Security Council through a
But if US implements the threat international banks will decline to do
business with Iranian trade. India will also have problems in continuing with
the Port project in Iran. Besides importing petroleum products from Iran, the
Iranian oil company has equity stakes in the nine million ton stand alone
refinery of Chennai Petroleum Corporation. The issue of Iranian equity came in
the way of the refinery being merged with Indian Oil Corporation.