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Tuesday, October 25, 2016

India Pays $550 mln Oil Dues to Iran

July 8, 2014

India paid a second installment of $550 million in oil dues to Iran on Tuesday under an interim deal that allowed Tehran access to $4.2 billion in blocked fund globally, two industry sources said.

Asian buyers such as Japan and South Korea have already cleared some of the money they owe for imports of Iranian oil under a payment schedule approved by world powers in a breakthrough nuclear deal with Iran last November.

Reporting by Nidhi Verma

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