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India, Iran have found 'workable solution' over crude oil payment row: Mukherjee

August 12, 2011 - New Delhi

Union Finance Minister Pranab Mukherjee today said that the Iran crude oil payments issue has already been resolved.

"I have already clarified in the house that at any point of time, we did not receive any warning from Iran that they are going to stop crude oil supplies," Mukherjee said while addressing mediapersons in New Delhi.

"We had problems, related to how to pay Iran for the oil, but some workable solution has been found out," he added.

He also insisted that Iran never stopped supplying crude oil to India.

Earlier, it was reported that India has been largely unable to pay Iran for oil since December last year when the Reserve Bank of India (RBI) halted a clearing mechanism under US pressure to crack down on doing business with Iran.

India reportedly imports 400,000 barrels of crude oil per day from Iran.

Iran is India's second-largest crude oil supplier after Saudi Arabia, while India is Iran's second-largest oil buyer.


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