Iran’s Deputy Oil Minister Abbas Sheri Moqaddam said, "Since the Iranian oil money in India has been frozen, the country intends to compensate by financing Iran’s petrochemical projects.
Pointing out that due to technological advancements in petrochemical industries, Iran needs to import finance and technology from overseas, Moqaddam stated that the only way for Iran to use the sources is to improve relations with other countries in order to attract investors.
But, he said, international sanctions have targeted our industries and our relations with the world and the Rouhani administration is trying to improve the situation by opening up to the world.
Iran and India have been trying to find indirect ways to make a trade-off.
Recently Iran's Health Ministry also said that India partially pays Iran back on its oil by giving the country drugs and medical technical services.
It said that the trade comes under the name of humanitarian aids which are not subject to the international sanctions.