23 May 2024
Friday 19 October 2012 - 18:23
Story Code : 8182

India to maintain oil imports from Iran at current level

India to maintain oil imports from Iran at current level
By The Journal of Turkish Weekly

After decresing its crude supplies from Iran this year, India has now stated that it will maintain the current shipment of oil supplies from west-Asian nation.

While speaking on the sidelines of Petrotech 2012 Conference in New Delhi India's Petroleum minister Jaipal Ready said that the country will neither reduce nor increase crude imports from Iran.

Crude imports from Iran are estimated at around 15-15.5 million tons for the current year.

Iran which was India's second biggest oil supplier till year 2011 has now taken fourth place in terms of crude supplies after Saudi Arabia, Iraq and Kuwait due to US sanctions on the oil rich nation.

According to analysts for a country like India energy security for economy is critical as the rising energy demand is increasing tremendously with growing population.

India's petroleum minister also said that India and China alone will contribute 40 percent of the global growth in energy demand during 2010-2050.

Defying the illegal unilateral sanctions against Tehran, India recently approved insurance cover for ships carrying crude supplies from Iran.

 

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