NEW DELHI, Sept 12 (KUNA) -- In a bid to lower its surging import bills,
India on Thursday said that it is exploring options to increase oil imports
from Iran within the framework of UN imposed sanctions.
Economic Affairs Secretary Arvind Mayaram while speaking to the media said
that India was exploring the possibility (of importing oil from Iran) "without
violating the (UN) sanctions."
The statement has come at a time when recently the Indian Prime Minister
called upon the oil ministry to cut USD 25 billion of oil imports to lessen
the current account deficit, which has been blamed as the main cause for the
shuddering of the Indian economy with the rupee falling to an all-time low
Oil minister Veerapa Moily had recently written a letter to his prime
minister whereby he had shown an interest towards increasing oil imports from
"About 2 million tonnes of crude oil has been imported from Iran so far
during the current financial year. An additional import of 11 million tonnes
during 2013-14 would result in reduction in forex outflow by USD 8.47 billion
(considering the international price of crude oil at USD 105 per barrel),"
Following the US and European Union sanctions on Iran to stop its nuclear
programme in 2012, India's oil imports from Iran have sharply fallen to 46
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