Indian refiners clear part of $6.4 bn Iran dues
State-owned Mangalore Refinery and Petrochemicals and Indian Oil have together reportedly cleared around $750 million of the $6.4 billion oil dues that Indian refiners owe Iran. This is the first payment by Indian refiners in Euros in four years, following the lifting of sanctions against Iran in January. Notably, this comes ahead of PM Modi's visit to Iran starting Sunday.