Iran ready to meet India's energy needs: Tehran envoy

India, the world's third biggest oil importer and consumer, covers over 80% of its crude oil needs with imports. (AP) — India, the world's third biggest oil importer and consumer, covers over 80% of its crude oil needs with imports. **(AP)**

1 min read . Updated: 18 Mar 2022, 03:30 PM IST Livemint

Rupee-rial trade mechanism can help companies from both the countries to deal with each other directly and avoid third party intermediation costs, Tehran envoy said

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Iran is ready to meet India's energy security needs, the country's ambassador to India said as the negotiations are going on between the world powers and Iran on the lifting of sanctions against the OPEC-member.

"Rupee-rial trade mechanism can help companies from both the countries to deal with each other directly and avoid third party intermediation costs," Ali Chegeni was quoted as saying by Indian facilitation body MVIRDC World Trade Center.

Iran used to be the second-largest oil supplier to India but New Delhi had to halt imports from Tehran after former U.S. President Donald Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on its oil exports. India, the world's third biggest oil importer and consumer, covers over 80% of its crude oil needs with imports.

The two countries have devised a barter-like mechanism to settle trade where Indian refiners were paying for Iranian oil in rupees to a local bank and the funds were used by Tehran to pay for imports from India.

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Chegeni said, "If both countries launch rupee-rial trade mechanisms, the bilateral trade could grow to $30

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