India to Decide on Resuming Iran Oil Import After Elections

India told Iran on Tuesday it will decide on its oil imports after elections end this month, in line with its economic interests, a government source said.

Iran’s Foreign Minister Javad Zarif held talks on the issue with his Indian counterpart Sushma Swaraj during a visit to New Delhi.

Zarif, who reiterated that India was an important partner, was keen that it should continue to source at least a small part of its oil imports from Iran, an official close to the development told BusinessLine.

India has suspended imports of Iranian oil from May because of renewed US sanctions on Iran.

“On purchase of oil from Iran, external affairs minister reiterated the position that a decision will be taken after the elections keeping in mind our commercial considerations, energy security and economic interests,” the official said.

While India has not openly committed to reduce its import of oil from Iran to zero following the withdrawal of the US waiver, senior officials have earlier said it may not be possible to continue to buy from Iran as the banking, insurance and shipping systems would be under sanction.

“There is a possibility that Iran may have something to propose on how payments could be made, but all this would be relevant only after the elections,” the official added.

News No: 4562
Date: 2019/05/17 - 22:22
News Source: Financial Tribune

India  Oil  Elections  economic  shipping 


Leave a Comment:


Argentina’s mining sector holds off investments as presidential election looms

Argentina’s mining industry is following closely what opposition candidate Alberto Fernández, the front-runner for October’s presidential election, has to say when it comes to resources exploitation and foreign investment, as worries about the potential Peronist government turning to protectionist measures and populist policies.

Iranian bank to open branch in India

Iran’s Bank Pasargad is going to open a branch in India in the next couple of months to help boost trade between the two countries by providing a channel to bypass the U.S. sanctions which have blocked international banking channels, Financial Express reported.

Iran, Turkey form preferential trade agreement committee

Senior officials from Iran and Turkey’s economic sectors met on Tuesday as a committee to follow up on the preferential trade agreement reached between the two countries.

Iran, Russia stress implementation of joint projects

Iranian Energy Minister Reza Ardakanian and his Russian counterpart Alexander Novak stressed accelerating the implementation of the two countries’ joint projects in a meeting in Moscow on Monday.

Escalating U.S.-China trade war, a blessing in disguise for Iran’s oil industry?!

The U.S.-China trade war, which has been going on for more than a year, entered a new phase last week as China not only imposed new tariffs on U.S. goods in retaliation against Trump's actions, but took the matter a step forward by putting "crude oil" on its tariff list.

Iran’s 5-month non-oil exports at $17.8b

Iran exported $17.8 billion of non-oil commodities during the first five months of the current Iranian calendar year (March 21-August 22), IRIB reported on Monday.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners