Iran replaces dollar with euro in oil sales
Code: 81952084 (5157136) | Date: 06/02/2016 | Time: 19:42|
http://217.25.54.55/en/News/81952084/

Tehran, Feb 6, IRNA – Iran decided to replace dollar with euro and other
foreign currencies in oil sales requiring the customers to pay euros for
Iranian oil.

A major part of Iran's oil sale money blocked in foreign banks during the
sanctions and Iran found difficulty with receiving them due to US broad
restrictions.

India, for instance, owed several million dollars of oil money to Iran, a
part of which was paid in rupees and they will supply rice and steel sheets
and other products to Iran.

After termination of sanctions, Iran required the customers to pay oil money
in euros.

Getting euros is not limited to Iran's future oil sales either, since Iran
has also required various countries to pay their debts for previous oil
sales in euros.

India, thus owed 6.5 billion euros to Iran and there are about a dozen other
countries with such debts that need to be cleared by euros.

The Deputy NIOC Manager for International, Marketing, and Operations Affairs
Safar-Ali Keramati elaborating on the plan said that receiving euros is
Iran's first priority.

He said that this might necessitate signing new contracts with the foreign
companies and the Petroleum Ministry has considered a hard currency basket
instead of dollars, but the European clients will naturally have no problem
in paying euros.
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