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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 

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