Iran agrees to clear some of India's oil debts

Iran said on Sunday it had agreed to clear some of India's oil-related debts worth USD five billion. "After intensive talks between India and Iran, both sides agreed to clear the debt promptly," Ahmad Ghalebani, head of the National Iranian Oil Company (NIOC) was quoted as saying by Iran's state news agency. "In the coming days, part of India's oil debt will be cleared and the rest will be gradually settled." India and Iran have been looking for ways for New Delhi to pay for some 400, 000 barrels per day of Iranian crude, or 12 pct of India's oil demand, since the Reserve Bank of India halted a clearing mechanism last December.