Historic First: India, UAE Settle Crude Oil Transaction Using National Currencies | Economy News – Top Speed News
New Delhi: In a groundbreaking development that marks a significant step towards enhancing bilateral economic ties, the Abu Dhabi National Oil Company (ADNOC) and the Indian Oil Corporation Limited (IOCL) completed the first-ever crude oil transaction under the newly implemented Local Currency Settlement (LCS) system. The transaction involved the sale of approximately 1 million barrels…