WASHINGTON (REUTERS) - Iran will receive the first US$550 million (S$695 million) instalment of a total of US$4.2 billion in previously blocked overseas funds on or about Feb 1, a senior US official said on Sunday, Jan 12, 2014.

Under a Nov 24 nuclear agreement, six major powers agreed to give Iran access to US$4.2 billion in revenues blocked overseas if it carries out the deal, which offers sanctions relief in exchange for steps to curb the Iranian nuclear programme.

Some payments are contingent on Iran diluting its stockpile of 20 per cent enriched uranium to no more than 5 per cent enriched uranium.

The US official, who spoke on condition of anonymity, described the payment schedule as follows: Feb 1 - US$550 million (Feb 1 is a Saturday, so this payment may need to happen on Feb 3);

March 1 - US$450 million (payment for half of dilution);

March 7 - US$550 million;

April 10 - US$550 million;

April 15 - US$450 million (payment for completion of dilution);

May 14 - US$550 million;

June 17 - US$550 million;

July 20 - US$550 million ( July 20 is a Sunday, so this payment may need to happen on July 21).