Tehran is working on settling India's oil import debt to Iran, which is over $6.5 billion, Iranian Republic News Agency (IRNA) reported Sunday.
'Our central banks and state officials are working on technicalities in this regard,' Iranian Foreign Minister Javad Zarif said during his visit to India where he met Prime Minister Narendra Modi and External Affairs Minister Sushma Swaraj.
Stating that the issue is not a major one, Zarif underlined both countries' economic cooperation and investments in each other's energy and infrastructure sectors as he referred to India as a 'strategic partner.'
After signing a nuclear deal with the world powers P5+1 group, Central Bank of Iran is trying to get back $700 million of its unfrozen assets abroad each month, while total value of the assets are estimated around $100 billion, according to IRNA.
However, dues from oil transactions are pending due to limitations on banking and payments methods, which were imposed on Iran under the sanctions regime.
More than half of Iranian crude oil exports to India remain unpaid in the last two years, which now stands more than $6.5 billion, IRNA said.
Iranian Ambassador to India, Gholamreza Ansari, recently told that there is no urgency to get back this amount, adding some of that amount can be invested by Iran on projects in India, according to IRNA.
The state-run Indian Oil Corporation's director, A.K. Sharma, said earlier that India will pay some part of the oil debt soon, IRNA reported.
India is the second biggest importer of Iranian crude oil after China.
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr