Completion of the first oil deal between the UAE and India

Completion of the first oil deal between the UAE and India

The Indian government announced that India and the UAE have begun settling bilateral trade in their local currencies, with the largest Indian refiner paying in rupees to buy one million barrels of Emirati oil. According to quot;Russia Todayquot;.

The Indian Oil Corporation (IOC.NS) paid the first installment in the deal to the Abu Dhabi National Oil Company, ADNOC, in the Indian national currency, according to a statement issued by the Indian Embassy in the UAE.

India is the third largest importer and consumer of oil in the world.

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