India says ready to start Iran oil cash transfer after deal

Nov 25 2013, 16:10 IST
Comments 0
US Secretary of State John Kerry (R) shakes hands with Iranian Foreign Minister Mohammad Javad Zarif after a ceremony at the United Nations in Geneva November 24, 2013. Reuters US Secretary of State John Kerry (R) shakes hands with Iranian Foreign Minister Mohammad Javad Zarif after a ceremony at the United Nations in Geneva November 24, 2013. Reuters
SummaryOil price slips over $2 after deal; agreement allows Iran to get $4.2 bn in oil money held abroad.

be transferred in instalments if it fulfils its commitments in a landmark nuclear deal struck between world powers and Tehran in Geneva.

Here is a look at where Iranian oil payments are held in the countries in Asia that are still importing crude from the OPEC producer:

COUNTRY: China

BANK: Kunlun Bank, owned by China National Petroleum Corp (CNPC)

ESTIMATED AMOUNT: China struck an agreement with Iranian Parliament Speaker Ali Larijani in an early November meeting to start releasing the $22 billion oil payment blocked in an Iranian bank account in Beijing, the Fars News Agency reported. A source familiar with the situation told Reuters that the Iranian Central Bank and the National Iranian Oil Company (NIOC) each has two accounts at Kunlun, one yuan-denominated and one in euros.

COUNTRY: India

BANK: UCO Bank

ESTIMATED AMOUNT: About $5.3 billion held up by the sanctions. Of the total, about $1.8 billion is with the oil companies that have bought crude from Iran and the remainder is held with state-run UCO Bank.

In mid-October, the National Iranian Oil Company (NIOC) had asked Indian refiners to pay in euros via Turkey's state-owned Halkbank.

COUNTRY: South Korea

BANK: Woori Bank and Industrial Bank of Korea

ESTIMATED AMOUNT: Iran has about 5.9 trillion won ($5.56 billion) in won deposits, a foreign exchange authority source said.

COUNTRY: Japan

BANK: Bank of Tokyo-Mitsubishi UFJ

ESTIMATED AMOUNT: The total amount held is unclear, but Japan imported about $4.7 billion worth of Iranian crude between February and September, according to data from the Finance Ministry.

Single Page Format
Ads by Google

More from FE editor's picks

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...