PM Modi has a trip to Iran as the next thing to do in his monthly agenda. The 2 day trip will start from 22nd of May. Behind every foreign PM Modi takes, he makes sure the country he is serving is profited in some way or the other.
We must know that after China, India is the next best crude oil client of Iran. It has already imported 4, 00,000 barrels of crude oil from Iran this year starting from 1st of April. Apparently, India has never stopped using oil from Iraq thus a continuous transfer of oil barrels take place every year. Iran has been supporting its regular supply there is a back log of payments from the Indian side.
Till date India owes 6.5 billion dollars to Iran for the oil it has been importing at a routine basis. It is for this lag in the payment which can cost India a blotch in its image; PM Modi is ready to set foot in the Iranian land where his meet with the officials there can pacify the possibility of debtor-creditor relationship.
Saurabh Kumar, the Indian ambassador for Iran has stated that, “The money will be paid in euros,” to Turkey’s Halkbank.
Other than the concern of how to pay the amount, another matter is the shipment of oil. An Oil Ministry official also told the media that, “While the payment of dues issue is in the throes of being resolved with the help of the External Affairs Ministry, the other matter to be sorted is regarding the shipment of crude oil from Iran.”
Hopes are high that PM Modi’s trip to Iran will resolve all these above mentioned issues in a best possible way.
