India's Essar Settles $500 mln of Iran Oil Bill
Essar Oil, the top Indian buyer of Iranian oil, has this month cleared $500 million of a debt owed to Tehran, two sources with direct knowledge of the matter said. Essar, which operates a 400,000 barrels per day oil refinery at Vadinar in Western Gujarat state, owed about $3 billion to Iran…
India Starts Settling Iran Oil Dues via EIH
Indian refiners have turned to State Bank of India and Germany-based bank Europaeisch-Iranische Handelsbank AG (EIH) to speed payment of billions of Iranian oil dues they still owe to Tehran, after delays in another money route. Refiners in India, Iran's top oil buyer after China, last month…
Indian Oil Debt to Iran to be Soon Cleared
Indian refiners owe around 6 billion euros; Iran expects funds to be cleared soon. Indian oil refiners will clear around 6 billion euros ($6.7 billion) of outstanding debt to Iran through Turkey's Halkbank soon, a senior Iranian economy official said on Wednesday. India is one of the biggest…
India Pays part of Iran Oil Dues ahead of Modi Visit
Indian refiners have cleared part of the $6.4 billion owed to Iran for crude oil imports in euros through Turkey's Halkbank, three sources privy to the payment said on Saturday. This is the first payment to Iran by India since the lifting of Western sanctions against the Persian Gulf nation…
India Mulls Oil-for-Drugs Deal with Vens
Venezuela facing pressure to pay bills from many sectors. Indian officials say they have proposed an oil-for-drugs barter plan with cash-strapped Venezuela to recoup millions of dollars in payments owed to some of India's largest pharmaceutical companies. Several of India's generics producers…
Hwangwe Colliery in Coal Talks with Glencore
Zimbabwe coal producer Hwange Colliery said on Monday it was negotiating to supply coal and coke to global miner Glencore and a deal could be reached at the end of this month, its managing director said. Thomas Makore said Hwange, which mines in the northwest of the country and is the biggest…
India to Pay Iran $400m Frozen Oil Money This Week
India will soon pay a third tranche of $400 million to Iran ahead of a Nov. 24 deadline to an interim deal with six world powers that allows Tehran to recover part of its overseas frozen oil revenues, industry sources said in Wednesday. Indian oil refiners are preparing to release the payments this week…
Indian State Refiners Reluctant to Hedge Oil Purchases
India's risk-averse state refiners are reluctant to follow central bank advice to hedge part of the country's $165 billion annual oil import bill, fearing administrative action if they suffer losses, refinery sources said. Officials in Prime Minister Narendra Modi's government on Monday discussed the idea…
India to Pay Iran $500m as Second Part of Oil Deal
Indian refiners will pay $500 million to Iran next week, the second installment in an interim deal that allows Tehran to recover part of overseas frozen oil revenues that are payments for oil it has sold, two industry sources said in Friday. Iran and the United States, China, France, Germany…
India Prepares to Pay $400 mln Under Interim Deal to Iran
Iran has sought payment of $400 million from India under an interim deal with six world powers that allows the OPEC nation to recover part of its overseas frozen oil revenues, industry sources said in Wednesday. Iran and the United States, China, France, Germany, Britain and Russia agreed in July to extend a six-month interim accord until Nov.
India Court Verdict Scrapping Coal Blocks to Weigh on Lenders
An Indian Supreme Court verdict scrapping most coal extraction permits given to companies over two decades has raised concerns that loans to the holders of the permits could turn sour, piling pressure on lenders already battling a rise in bad loans. India's top court said on Wednesday that…
India Scraps Most Allocated Coal Blocks
Companies have six months to return mines; Govt free to auction mines after March 31. Reliance, NTPC, SAIL given exemptions from ruling. India's top court on Wednesday scrapped all but four of 218 coal blocks allocated by the government over the past two decades, in a tougher-than-expected…
India Moves to Tighten Control on Greenpeace Funds
India has asked the central bank to tighten controls on moving funds from abroad into Greenpeace's accounts, intensifying concerns that the new government of Prime Minister Narendra Modi will be tough on foreign-funded activist groups. Modi scored a landslide election victory last month, vowing to kickstart the country's slowing economy…
