As the world changes for Iran post-sanctions, it’s paying calls to those who benefitted from the country’s sanction shackles in one way or another, and India—whose refiners are said to owe Iran $6.5 billion worth of euros—is its first port of call. But it’s much more than that as Iran re-stakes its claim to oil-based power. Under sanctions, Iran was limited in how it could sell its oil and accept payment, but now that payment channels have been reopened, Tehran is seeking past dues in euros, particularly from Indian-based refiners such as Essar Oil, Mangalore Refinery and Petrochemicals Ltd (MPRL). And India, for its part, has every reason to pay these past dues if it hopes to take its new energy relations with Iran to the next level. Iran has made clear that it will continue to increase output until it has regained much of the market share it […]