Code: 81952084 (5157136) | Date: 06/02/2016 | Time: 19:42|
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Iran replaces dollar with euro in oil sales

Tehran, Feb 6, IRNA – Iran decided to replace dollar with euro and other foreign currencies in oil sales requiring the customers to pay euros for Iranian oil.

A major part of Iran's oil sale money blocked in foreign banks during the sanctions and Iran found difficulty with receiving them due to US broad restrictions.
India, for instance, owed several million dollars of oil money to Iran, a part of which was paid in rupees and they will supply rice and steel sheets and other products to Iran.
After termination of sanctions, Iran required the customers to pay oil money in euros.
Getting euros is not limited to Iran's future oil sales either, since Iran has also required various countries to pay their debts for previous oil sales in euros.
India, thus owed 6.5 billion euros to Iran and there are about a dozen other countries with such debts that need to be cleared by euros.
The Deputy NIOC Manager for International, Marketing, and Operations Affairs Safar-Ali Keramati elaborating on the plan said that receiving euros is Iran's first priority.
He said that this might necessitate signing new contracts with the foreign companies and the Petroleum Ministry has considered a hard currency basket instead of dollars, but the European clients will naturally have no problem in paying euros.
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