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• State-run Indian Oil Corp Ltd, the country's largest oil refining and marketing company, may renew an annual deal with Iran to buy 1.5 million tonnes of crude oil for the fiscal year starting April 2013, its chairman said.Iran's oil sales to India have been fraught with payment problems in the past 13 months after a clearing mechanism was scrapped and Indian refiners have sought alternative supplies.India, Iran's second-biggest oil client after China, buys 12 percent of its oil needs from the Islamic nation, worth about $12 billion annually. (Reporting by Nidhi Verma; Editing by Aradhana Aravindan)

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