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EghtesadOnline: Managing Director of Mangalore Refinery and Petrochemicals Limited H. Kumar announced that the company has paid 1.4 billion dollars of its total 2.56-billion-dollar oil debt to Iran since 2013.

H. Kumar made the announcement here Tuesday while talking to reporters.

According to ISNA, Kumar said sanctions and channels of transfer of money that had been closed in sanctions era had prevented India from paying its oil debt to Iran till now.

The Indian sources have announced that Indian companies are to pay off their total debt to Iran in the next two or three months.

In May and on the eve of travel of Indian Prime Minister Narendra Modi to Iran, that country paid 750 million dollars of its oil debt to Tehran which was part of its debt.

Mangalore oil debt to Iran H. Kumar