Indian Oil Corp Ltd logo is seen displayed in this illustration taken, April 10, 2023.
Indian Oil Corp (IOC.NS) made payment to Abu Dhabi National Oil Company (ADNOC), according to a statement issued by Indian embassy in UAE.
The transaction comes after one involving the sale of 25 kg gold from a UAE gold exporter to a buyer in India at about 128.4 million rupees ($1.54 million).
India in July signed an agreement with the UAE allowing it to settle trade in rupees instead of dollars, boosting India's efforts to cut transaction costs by eliminating dollar conversions.
Bilateral trade between India and UAE was $84.5 billion in 2022/23.
Persons:
Dado Ruvic, Narendra Modi, Juby Babu, Nidhi Verma, David Gregorio Our
Organizations:
Indian Oil Corp, REUTERS, Indian Oil Corporation, United Arab, Abu Dhabi National Oil Company, UAE, Indian, Thomson
Locations:
India, United Arab Emirates, Abu Dhabi, UAE