- So much for the EU oil embargo. Iran will have no problems selling its oil to China and India. Both countries are smart enough to understand that they should mop up all excess supplies to build up their oil reserves, in preparation for the coming conflict.
India pledges to continue buying oil from Iran!
by Andrew Buncombe , http://www.independent.co.uk/
India could be on a collision course with the United States and European Union after officials in Delhi made clear they intended to carry on importing oil from Iran, despite the imposition of Western sanctions against Tehran.
S Jaipal Reddy, India’s Oil Minister, said yesterday that the country was still considering how best to make payments for the $12bn of crude oil it annually imports from Iran, and which it pays for using a Turkish bank as an intermediary. Delhi is concerned that the US will seek to persuade Turkey to block this option as the West steps up pressure on Iran.
Drawing a very clear distinction between UN sanctions and those imposed by the US, Mr Reddy told reporters: “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.”
A team of Indian experts recently visited Tehran to assess the best way to continue to make payments. Unconfirmed reports suggest the options include the rupee, which is only partly convertible, and the Japanese yen. One report suggested India would pay for the oil using gold. Mr Reddy declined to comment on the outcome of the discussions. “We cannot disclose such things,” he said.
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