India to cut Iran oil buys by 11% - Hindustan Times
close_game
close_game

India to cut Iran oil buys by 11%

AFP | By, New Delhi
May 15, 2012 09:53 PM IST

India said on Tuesday it would cut purchases of Iranian oil by 11% following pressure from the United States to join a drive to isolate the Islamic republic over its disputed nuclear programme.

India said on Tuesday it would cut purchases of Iranian oil by 11% following pressure from the United States to join a drive to isolate the Islamic republic over its disputed nuclear programme.

HT Image
HT Image

Refiners expect to import 15.5 million metric tons of crude from Iran in the fiscal year that began April 1, the country's junior oil minister told Parliament in a written reply, down from 17.44 million tons last year.

Hindustan Times - your fastest source for breaking news! Read now.

The announcement comes after US secretary of state Hillary Clinton last week urged New Delhi to cut crude imports from Tehran ahead of the implementation in June of a Washington-backed plan slapping sanctions on nations buying Iranian oil.

"To reduce its dependence on any particular region of the world, India has been consciously trying to diversify its sources of crude oil imports to strengthen the country's energy security," RPN Singh said.

The size of imports from various sources depends on technical, commercial and other considerations, Singh added.

It was not immediately known whether the move by India would be enough avert US sanctions.

But during her visit to India, Clinton praised New Delhi for its efforts towards cutting imports, while foreign minister SM Krishna said "this issue is not a source of discord between our two countries."

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On