Decision on oil purchase after polls, India tells Iran

Decision on oil purchase after polls, India tells Iran

Highlights

  • The talks by the two foreign ministers came 12 days after the US ended the six-month-long exemption from sanctions to India and seven other countries to buy oil from Iran
  • India, the world’s third-biggest oil consumer, meets more than 80% of its oil needs through imports
NEW DELHI: Foreign minister Sushma Swaraj told her visiting Iranian counterpart Javad Zarif Tuesday that decision on oil purchase from Iran will be taken after the elections keeping in mind India’s commercial considerations, energy security and economic interests.

Official sources here said the visit of Iranian foreign minister took place at his own initiative to brief the Indian side on the Iranian approach to the recent developments in the region, including on JCPOA, and to review bilateral cooperation. This was part of their consultation with other countries in the region including Russia, China, Turkmenistan, and Iraq over the last few days.

“Zarif recalled the steps announced by President Rouhani on May 8 including decisions linked to the export of enriched material and heavy water. He mentioned that 60 days timeline has been given to EU-3 and other parties to JCPOA for restoring the oil and banking channels,” said an official source.


On JCPOA, said sources, India’s official position was reiterated. India would like all parties to the agreement to continue to fulfil their commitments and all parties should engage constructively and resolve all issues peacefully and through dialogue, said a government official on condition of anonymity.

The talks by the two foreign ministers came 12 days after the US ended the six-month-long exemption from sanctions to India and seven other countries to buy oil from Iran.

India, the world’s third biggest oil consumer, meets more than 80% of its oil needs through imports. Iran is its third largest supplier after Iraq and Saudi Arabia. and meets about 10% of its total needs.

The US had told India and other countries to cut oil imports from the Gulf nation to “zero” by November 4 or face sanctions. However, Washington had granted a six-month waiver from sanctions to eight countries, including India.
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Both sides also expressed satisfaction at the operationalisation of the interim contract on the Chabahar Port between India Ports Global Limited and Ports and Maritime Organisation .
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