NEW DELHI: Iran is dispatching its Central Bank Vice Governor Gholamali Kamyab to India this month after the Persian Gulf nation’s efforts to get nearly $6 billion of past oil dues from refiners like Essar Oil hit roadblock over differences over foreign exchange rate.
With US lifting sanctions, Iran wants its past oil dues to be cleared. But differences have now cropped up over foreign exchange rate, sources privy to the development said.
Iran sold oil to refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MRPL) in US dollar per barrel. 45% of the oil bill was paid in rupees in a UCO Bank account while the rest 55% was to be cleared whenever banking channels open.
Now with lifting of sanctions, Iran has presented its unpaid bill. But Essar Oil and other refiners want to pay Iran at the exchange rate prevalent at the time of buying crude oil in the last three years, sources said.
Rupee to a US dollar was under 55 in February 2013 when the 45:55 payment system became operational. Rupee to a US dollar is at 67 now.
Ideally, if refiners had kept dollar equivalent to their purchase in separate account over the years they could have readily paid Iran now. But for a barrel of oil they bought in February 2013 at say $80, they would now have to pay Rs 5,360 instead of Rs 4,400 then.-PTI
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