Reuters first to report new mechanism for India to pay Iran for oil

Reuters was first to report on July 29th that Indian refiners had started oil payments to Iran through a new mechanism after a gap of seven months that had seen debts mount to over $5 billion. Refiners are paying in euros through Turkeys Halkbank and state-run MRPL was the first to use this route. The solution of the payment problem is key for physical oil traders who are watching Indias spot needs given Iran`s threat to halt supplies. It is also important for foreign exchange trading as the payments required currency purchases. Dow Jones and Platts followed up the story after two days.