IOC says to make small Iran oil payment soon
New Delhi   05-Aug-2011

IndianOil (IOC) will make a payment to Iran for oil soon, the state-run refiner’s chairman RS Butola said on Thursday, after a new mechanism was set up to end a seven-month impasse triggered by US pressure. We will shortly make a small payment ... hopefully, this month, Butola said. Iran has started receiving long-overdue payments from Indian refiners for about 400,000 barrels per day of crude through a Turkish bank to get around US-led moves to isolate the Islamic Republic.