India to Continue Purchase of Crude Oil from Iran

India to Continue Purchase of Crude Oil from Iran

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Asia Bizz: Without violating any international law, India will continue to import oil from Iran. India’s oil minister revealed on March 23, 2012 that the country has requested the United States and the European Union to take in to account their oil needs.

At the Asia Gas Partnership Summit, Jaipal Reddy told the reporters that they have a systematic plan for receiving oil from Iran. However Reddy did not elaborate on the issue.

On Tuesday, the United States gave its exemptions from its crippling financial sanctions to Japan as well as 10 EU nations. It has earlier said that it cut purchases of Iranian crude oil, but then left the major Asian countries India and China exposed to the risk of such steps.

Reddy added that they continue to receive representations from the US and other countries and that with respect to their sentiments, they have requested to appreciate their needs. For Iran, India is the second largest client after China and even Tehran used to supply about 12 percent of the south Asian country’s needs. This would be worth some $11 billion per year. Reddy even assured that there will not be any supply shortage.