MRPL, IOC clear part of $6.4 bn dues to Iran ahead of Modi's visit

May 21, 2016

Tehran, May 21: Ahead of Prime Minister Narendra Modi's maiden visit to Iran, Indian refiners have made first euro payments in four years to clear a part of the USD 6.4-billion in past oil dues.

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Mangalore Refinery and Petrochemicals Ltd (MRPL) has paid USD 500 million and Indian Oil Corp (IOC) USD 250 million over the past two days, sources with direct knowledge of the development said. Private sector Essar Oil is to pay USD 500 million.

The refiners cleared part of their outstanding towards crude oil they buy from Iran, through Union Bank of India which in turn transmitted the payment to National Iranian Oil Co (NIOC) through HalkBank of Turkey.

They bought US dollars and deposited with Union Bank which did an onward transmission in euros. This the first payment by Indian refiners in a foreign currency since lifting of sanctions against Iran in January this year.

This also comes days ahead of Modi's two-day visit to Tehran beginning Sunday during which reestablishing credible banking channels between the two nations is likely to figure prominently during talks.

Sources said the remaining outstanding will be cleared in installments to avoid a run on the rupee. RBI is coordinating the repayments, they said.

With sanctions blocking banking channels, Indian refiners have since February 2013 paid nearly half of the oil import bill in rupees while keeping the remainder pending opening of payment routes. The dues on the count now total to USD 6.4 billion.

MRPL owed USD 2.6 billion, out of which it has now paid USD 500 million. After payment of USD 250 million, IOC is now left with an outstanding of USD 310 million.

Essar Oil owes Iran about USD 2.6 billion while HPCL- Mittal Energy Ltd has to pay USD 60 million.

The refiners had last paid USD 700 million to Iran in October using a limited window provided by the US to clear some of the outstanding using the dollar.

At that time, Essar Oil had paid USD 338 million while MRPL had remitted USD 299 million. IOC had paid another USD 60 million while Hindustan Petroleum Corp (HPCL) paid USD 3 million.

That payments today come on top of USD 700 million the four refiners had cleared on September 30, 2015. The dues to Iran on crude oil that refiners buy have accumulated as western sanctions blocked payment routes since 2013.

Since February 2013, refiners like MRPL and Essar Oil have been paying 45 per cent of dues on purchase of crude oil from Iran in rupees through UCO Bank, Kolkata. The remaining has been accumulating, pending finalisation of a payment route and mechanism.

They had in 2014 paid nearly USD 3 billion in six installments through a limited payment channel following start of nuclear talks between the West and Iran. After the lifting of sanctions, Iran has scrapped the 45:55 payment mechanism and is since last month billing Indian refiners in euros.

Sanctions were imposed on Iran over its nuclear programme in 2011, blocking financial channels. This refiners routing payments to Iran in Euros through Turkey but the route also blocked in 2012 with tightening of sanctions. The payments made over the last couple of days are the first Euro payments in four years.

Comments

Rich & Poor
 - 
Saturday, 21 May 2016

Looks like even the Rich are beggars ... They are still in debts to others.. even after having so much money in their pockets. The oil companies are looting in india and still not able to pay the debt.

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News Network
December 5,2025

Mangaluru: In a significant step to curb online hate and intimidation, Mangaluru City Police have registered a suo motu case against multiple Instagram accounts accused of circulating alleged provocative and threatening content.

While monitoring social media activity on Tuesday, Kankanady Town PSI Anitha Nikkam identified the Instagram handle ‘team_targetttt_900’ for posting a hate message alongside images of lethal weapons. Another account, ‘team_nagara_900’, allegedly shared a threatening post targeting activist Bharath Kumdelu, tagging additional pages such as KARAVALI-OFFICIAL.

Several other accounts — including ‘immu_bhai.fan’, ‘target_boy_900’, ‘kings_of_manglore’, ‘team_target_boys.900’, ‘arshad_mangalore’, ‘target_ka19_ullal’, ‘team_target__’, ‘troll_tigersz_900’, ‘tr_group_900’, and ‘team_target_900’ — are also under scrutiny for spreading similar inflammatory material, police said.

Authorities have urged citizens, especially young social media users, to report suspicious pages and avoid engaging with groups that glorify violence or threaten individuals. Online hate can quickly escalate into real-world harm, and police stress that sharing or promoting such content can attract legal consequences.

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News Network
December 19,2025

Mangaluru: In a decisive move to tackle the city’s deteriorating sanitation infrastructure, the Mangaluru City Corporation (MCC) has announced a massive ₹1,200 crore action plan to overhaul its underground drainage (UGD) network.

The initiative, spearheaded by Deputy Commissioner and MCC Administrator Darshan HV, aims to bridge "missing links" in the current system that have left residents grappling with overflowing sewage and environmental hazards.

The Breaking Point

The announcement follows a high-intensity phone-in session on Thursday, where the DC was flooded with grievances from frustrated citizens. Residents, including Savithri from Yekkur, described a harrowing reality: raw sewage from apartments leaking into stormwater drains, creating a "permanent stink" and turning residential zones into mosquito breeding grounds.

"We are facing immense difficulties due to the stench and the health risks. Local officials have remained silent until now," one resident reported during the session.

The Strategy: A Six-Year Vision

DC Darshan HV confirmed that the proposed plan is not a temporary patch but a comprehensive six-year roadmap designed to accommodate Mangaluru’s projected population growth. Key highlights of the plan include:

•    Infrastructure Expansion: Laying additional pipelines to connect older neighborhoods to the main grid.

•    STP Crackdown: Stricter enforcement of Sewage Treatment Plant (STP) regulations. While new apartments are required to have functional STPs, many older buildings lack them entirely, and several newer units are reportedly non-functional.

•    Budgetary Push: The plan has already been discussed with the district in-charge minister and the Secretary of the Urban Development Department. It is slated for formal presentation in the upcoming state budget.

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News Network
December 17,2025

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Melkar, Dec 17: The 17th Annual Day and Graduation Ceremony of Melkar Women’s PU and Degree College, themed “Fusion-2K25,” was celebrated with dignity and enthusiasm, marking a significant milestone in the institution’s academic journey. The programme reflected the college’s steadfast commitment to academic excellence, character building, and the holistic development of students.

The event was inaugurated by Mr. Asif Mohammed, whose presence greatly enriched the occasion. The celebration was further graced by the chief guests Mr. P. B. Ahmed Mudassir and Mr. Nissar Fakeer Mohammed, along with the distinguished guests of honour Mr. B. A. Nazeer and Mr. Ibrahim Gadiyar. In their inspiring addresses, the guests encouraged the graduating students and appreciated the dedicated efforts of the management, faculty, and students.

The annual report was presented by the Principal, Mr. Abdul Majeed S, highlighting the institution’s academic progress, notable achievements, and extracurricular accomplishments during the academic year.

The presidential address was delivered by the esteemed Chairman of Melkar Women’s PU and Degree College, Dr. Haji S. M. Rasheed, who emphasized the vital role of education in empowering women and shaping responsible citizens. He also stressed the importance of discipline, dedication, and perseverance in achieving success.

Cultural programmes and academic recognitions formed an integral part of the celebration, showcasing the talents and achievements of the students. The graduation ceremony was a proud moment for the outgoing students as they were formally conferred degrees and wished success in their future endeavours.

Ms. Mashmooma Fathima served as the Master of Ceremonies. The welcome address was delivered by Ms. Fathima Nida, and the programme concluded with a vote of thanks proposed by Ms. Ayisha Suhana.

The event successfully achieved its objectives and was highly appreciated by the guests and attendees.

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