India to continue Iran oil import without violating law

New Delhi: India plans to continue import of crude oil from Iran without violating any international law, Oil Minister S Jaipal Reddy said on Friday.

"We have a systematic plan for receiving oil from Iran," he told reporters on sidelines of the Asia Gas Partnership Summit.

"We are envisaging no cut (in purchase of crude oil from Iran)," he said while asking the United States and other western nations to take into account India's oil needs.

India bought about 18 million tons or 12 per cent of its needs from Iran worth about $12 billion.

The US had earlier this week exempted Japan and 10 European nations from its financial sanctions because they cut imports from Iran, but left India and China out of the list.

"We continue to receive representations from the US and other countries. We respect their sentiments (but) we have requested them to appreciate our need," he said.

India is Iran's second-biggest oil client after China. It bought about 18 million tons or 12 per cent of its needs from Iran worth about $12 billion.

"Our companies need oil from Iran and we will continue to import without violation of international law in letter and spirit," he said. "However, I would like to take this opportunity to assure the consumers that there will be no problem of supplies at all."

Source: http://ibnlive.in.com/news/india-to-continue-iran-oil-import-without-violating-law/242108-3.html

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