India resolves Iran oil payment problems

Jason Overdorf India averted a drastic blockage of Iranian oil imports by resolving to pay its outstanding debt in two lump sums, the first of which will be made over the next few days, the BBC reports . Iran, which accounts for about 12% of India's oil supplies, had threatened to cut off supplies to India if payments were not made by August 1. Mon, 1 Aug 2011 01:00 -0400 read more