Iran ready to cover India's oil needs, ambassador says
Iran says it is willing to meet the energy security needs of India, the world's third biggest oil importer and consumer.
"Rupee-rial trade mechanism can help companies from both the countries to deal with each other directly and avoid third party intermediation costs," said Ali Chegeni, Iran's ambassador to India.
India, which depends on imports to cover over 80% of its crude oil needs, was the second largest importer of oil from Iran after China until May 2019 when it stopped purchases under pressure from the administration of former US President Donald Trump.
"If both countries launch rupee-rial trade mechanisms, the bilateral trade could grow to $30 billion," Chegeni was quoted as saying by Indian facilitation body MVIRDC World Trade Center on Friday.
Trade between India and Iran exceeded $17 billion in 2018-19.
India and Iran had agreed to ditch dollar in bilateral trade to bypass sanctions imposed on Tehran by the US.
Under that mechanism, Indian refiners were paying for Iranian oil in rupees to a local bank and the funds were used by Tehran to pay for imports from India.
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