WANA (Apr 17) – Reports indicate that Indian refineries are settling payments for Iranian oil shipments using China’s yuan, routed through ICICI Bank—an arrangement that signals a shift in the financial mechanisms governing energy trade between the two countries.
According to these reports, the state-owned Indian Oil Corporation (IOC), India’s largest refiner, made its first purchase of Iranian oil in early April after a seven-year hiatus, importing around two million barrels of crude valued at approximately $200 million.
Additionally, four tankers carrying Iranian oil have been granted permission to dock and deliver their cargoes for processing by the private company Reliance Industries.
These developments are seen as a sign of a broader move toward using non-dollar currencies in energy transactions, as well as efforts to adapt to international financial constraints.
