STOCK MARKET BSE NSE

We’ll continue to buy oil from Iran: Mathai

NEW DELHI: Foreign Secretary Ranjan Mathai said on Tuesday that the country will continue to buy oil from Iran, adding that it will not seek a waiver from United States on a fresh round of san

Published: 18th January 2012 03:06 AM  |   Last Updated: 16th May 2012 06:16 PM   |  A+A-

NEW DELHI: Foreign Secretary Ranjan Mathai said on Tuesday that the country will continue to buy oil from Iran, adding that it will not seek a waiver from United States on a fresh round of sanctions against it to curb its nuclear programme.

Since December 31, US has imposed new sanctions on any financial institution dealing with Iran’s Central Bank. But, the US also allows waivers for countries, depending on case-by-case basis. “We have accepted sanctions which are made by the United Nations. Other sanctions do not apply to individual countries. We don’t accept that position. We continue to buy oil from Iran,” Mathai told reporters here.

Asked if India will seek a waiver from US on the sanctions, Mathai said blandly, “No”. An delegation is already in Iran trying to devise ways for routing payment to Iran for its crude. “A delegation is on its way to work out the mechanism for continued purchase of oil from Iran and to work out the financing mechanism.” he said.

India imports about 12 per cent of its oil from Iran, making it among its biggest customers.

In 2010, the RBI had scrapped the previous clearance mechanism, which led Indian and Iranian officials to work out another alternate way for payment. Turkey’s Halkbank had been used currently as the conduit, but it looks fragile due to the current US sanctions.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp