Indian Petroleum and Natural Gas Minister reassured India’s oil arrear to Iran will be paid off through three banks recommended by Iran; on that account, the debt payments will start as soon as Iran discloses its account information and other necessary details.

According to the Central Bank of Iran PR department, Valiollah Seif met the Indian Minister of Petroleum and Natural Gas and an economic delegation on Saturday morning. During this session Seif referred to the historic and extensive ties between the two nations, “With the determination of Iranian and Indian officials as well as favorable conditions of post JCPOA era, we try to promote relations and expand mutual economic activities”, he added, “fortunately fields of economic co-operations between the two countries are well-widespread and yet a narrow portion of these capacities has been utilized."
 

"Before the sanctions, we had suitable banking relations between Iran and India and due to the positive atmosphere prevailing now, these relations can be strengthened" Seif said emphasizing on formation of banking relationships as a prerequisite for any economic activity between countries, “Indian banks can perform the role of European banks for balancing of accounts between the two countries and may offer banking services to Iran with more speed and based on international banking standards." he added.

During this meeting, governor of CBI demanded Indian payments to take place in Euro and directly through the accounts presented by Iran.

Regarding the establishment of bank branches of the two countries, Seif asked his Indian counterpart to assess Iran's request to open bank branches in India post-haste and reciprocally he guaranteed Iran will take necessary measures for installation of Indian bank branches in Iran.

The CBI governor considered facilitation of banking ties between the two countries as a precondition for realizing trade and economic goals. "Indian government should officially proclaim the lifting of sanctions against Iranian banks to its banking network", he asked the Indian Minister of Petroleum and Natural Gas, "In this regard, JCPOA agreement and also Security Council Resolution clearly state authorized limits of banking activities and accordingly Indian banks can initiate their ties with Iranian banks."

Referring to the potentials of Asian Clearing Union (ACU) for settlements between countries in the region, Seif noted: “ACU can be employed to settle accounts not only between the two countries, but also amidst all member states, therefore this union should be shown more regard.”


Indians tend to invest in Iran's gas project

Indian Minister of Petroleum and Natural Gas ensured that his country is committed to pay off all its debts to Iran and said: "In this regard, agreements previously reached by the two sides state that U.S dollar (USD) is the basis for debt calculations; the debt payments will start as soon as the account information and other necessary details are released.
 

 
"Relations between our great civilizations are not limited to the past few years and Iran is well-known in India and even in rural areas. In current situation with regard to the lifting of sanctions, a new atmosphere for dialogue and cooperation between the two countries has been created." Said Dharmendra Pradhan, in the meeting about the relations between the two countries.

Minister of Petroleum and Natural Gas of India expressed his country’s willingness to invest it in Iranian projects including the development of 'Farzad-B' gas projects in Chabahar port, and said: "India is also keen on participating in Iran's energy, petrochemicals and aluminum industry and investing in private sector."
Pointing out to banking relations between the two countries as a communication lifeline, the India representative Said, "Banking relations should be strengthened. To that end, three Iranian banks have requested to establish branches in India; likewise an Indian Bank also intends to establish a branch in Iran; in this regard, the Indian Ministry of Finance will do the necessary cooperation."