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News Brief | October 2013

India could save $8.5 billion by buying extra Iranian oil

India could save $8.5 billion in foreign exchange spending on crude oil imports in 2013-14 if it relied more on supplies from Iran, which is able to accept payment in rupees, Oil Minister M Veerappa Moily said. In a letter to Prime Minister Manmohan Singh spelling out a strategy to curb foreign exchange outflow against a backdrop of a weak currency, Moily said India was likely to import about 13 mt of oil from Iran in 2013-14.
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