Petroleum minister M Veerappa Moily would like to import 11 million tonnes of Iranian crude in this financial year.
Teheran bargains on OilMin plan for more rupee payment via increased import; wants investment deal on gas block.
Keeps open the option to make payments in yen or yuan in the face of sanctions
India owes Iran around $8.8 billion primarily on account of crude oil imports.
With Iran reaching an agreement on its nuclear programme, India is expected to be one of the major gainers.
The crisis is not upon India immediately, as the US sanctions give a six-month breathing space for countries to act.
