India Continues To Buy Oil From Iran

26 January 2012 - Which Way to Pay

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India Continues To Buy Oil From Iran

India could find itself in hot water after officials in Deli said they were committed to carrying on importing oil from Iran despite Western sanctions against Tehran. The U.S. and Europe accuse Iran of nuclear weapon development and want to put pressure on the Iranian Government. Despite Iran’s strong denial, as EU foreign minister agreed to ban oil important from Iran earlier this week it seems the West has upped the ante.

According to S Jaipal Reddy, India’s Oil Minister, the country was contemplating the best way to pay for the $12bn worth of crude oil that it annually important from Iran. It seems its current payment plan may no longer be an option. India, the world’s fourth largest oil consumer, uses a Turkish bank as an intermediary and is now anxious that the United State will try to make Turkey block such transaction as part of the West’s pledge to hike up the pressure on Iran.  Reddy said in a statement, “We will scrupulously adhere to the sanctions imposed by the UN. No less, no more. We will continue to explore various options of payment to Iran. As of now, supplies are on and Iran has been very positive and we are still optimistic.”

In terms of other payment options there have been many suggestions. While one unofficial report has said that the rupee or Japanese yen must be considered another has said that India would pay for the oil with gold but there has been no confirmation of any such plans. As 12 % of India’s oil comes from Iran does this give it the economic justification to continue dealing with Iran? Reddy told journalists that, “It will be our endeavour in future to tap the Iran source fully because terms are fairly favourable.”

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Related Links:
• BBC
EU Iran sanctions: Ministers adopt Iran oil imports ban
• The New York Times
Iran's Nuclear Program?
• Indian Oil Corporation

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