India: Essar Continues Importing Iranian Oil – Report
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Friday, 27 January 2012 |
Essar Energy has renewed an agreement to import crude oil from Iran for another five years, according to The Hindu. Speaking to the newspaper, which did not name its sources, a company spokesman declined to comment on the specifics of a deal. However, he added that “Essar Oil continues to be able to source the crude that it requires from Iran.”
The reported agreement follows a defiant stance from India’s Government in response to the sanctions on Iran adopted by both the United States and the EU. In a statement following the EU’s adoption of sanctions, Petroleum and Natural Gas Minister Jaipal Reddy said that Dehli would only be bound by sanctions introduced by the United Nations. “We do not go by the sanctions imposed by regional blocs or individual nations,” he insisted.
Both Iran and India are working to negotiate a system for paying for crude import, Reddy confirmed. “I can only say Iran's attitude to India is still very positive. We have made our best efforts to make payments. In spite of difficulties, the government of Iran has put up with us. It will be our effort to tap Iran as a source of crude oil fully,” he said.
Essar Energy is among several leading Indian firms attending PetrolWorld’s APAC Business Forum, which runs from February 22 to 24 at the LaLiT Golf & Spa Resort in Goa. The event is a unique opportunity to network with key decision-makers from both oil companies and solutions providers. For more information on this key event, click here .
PetrolWorld 27012012
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