Reliance set to buy Iran oil after five-year hiatus

Officials from India's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran. Reliance Industries Ltd, owner of the world's biggest......

Aramco may get 10-15% in IOC

The government is open to allowing Saudi Aramco to buy 10-15 per cent equity in Indian Oil Corporation. Discussions have also been held with the National Iranian Oil Company for a similar stake in......

Budget exempts Iranian oil payments from Income Tax

Clearing the way for oil refiners to pay Iran in Indian rupee, the Union Budget has exempted the payments made for crude oil purchased from the Persian Gulf nation, from any local tax. Iran had in......

German bank to process payments for India

In a temporary reprieve, India will pay for Iranian crude oil in euros through a German bank based in Hamburg, while a permanent solution to the payment issue will be explored at a meeting in......