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India to continue Iran oil imports despite sanctions: Report



Iran

 
India has reiterated that it will not halt its oil imports from Iran despite the US-engineered sanctions against the Islamic Republic’s oil sector, a report says.


Quoting senior Indian government officials, the Economic Times reported on Thursday that New Delhi will continue its energy ties with Tehran.

Meanwhile, India’s state-run General Insurance Corp (GIC) has recently agreed to provide insurance cover for tankers carrying Iranian crude oil.

India is among Asia’s major importers of energy, and relies on the Islamic Republic to satisfy a portion of its energy requirements.

Indian refiners HPCL, Mangalore Refinery and Petrochemicals Limited (MRPL) and Essar are the main clients of Iranian crude oil.

At the beginning of 2012, the United States and the European Union (EU) imposed new sanctions on Iran’s oil and financial sectors.

The sanctions, which prevent the EU member states from purchasing Iran's oil or extending insurance coverage for tankers carrying Iranian crude, came into effect on July 1, 2012.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegation, arguing that as a committed signatory to Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.

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India did the right thing.  Iran has always backed and supported Indian interests particularly in Afganistan.  They are sister nations founded by the same people.  India must never support sanctions against Iran and its people because of their unbreakable historical ties. 

Prashad
Originally Posted by Prashad:

India did the right thing.  Iran has always backed and supported Indian interests particularly in Afganistan.  They are sister nations founded by the same people.  India must never support sanctions against Iran and its people because of their unbreakable historical ties. 


Prash, first it was China, then Pakistan with their pipelines, Japan says that it will increase importataion of crude from Iran, then it was India, now  Turkey (a semi ally with the United States reports

Turkish Energy Minister Taner Yildiz says the country's sole oil refiner, Tupras, will extend a contract with Tehran to purchase crude oil from the Islamic Republic.



"Turkey's oil purchase contract with Iran expires in August. This contract will definitely be extended because Iran covers about 45-40 percent of Turkey's oil needs," Yildiz told reporters in Libyan capital, Tripoli, late on Sunday.

At the beginning of 2012, the US and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

On October 15, 2012, the EU foreign ministers reached an agreement on another round of sanctions against Iran.

Yildiz, however, stated that Tupras, which is controlled by Turkey's biggest company Koc Holding, will continue to buy the same amount of oil from Iran as it has been under the US exemption.


On December 7, the United States granted 180-day waivers on Iran oil sanctions to Turkey, China, India, South Korea, Malaysia, Singapore, South Africa, Sri Lanka and Taiwan

The December action was the second renewal for all 20 after Obama signed the sanctions into law a year ago.

The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

 

Iran rejects the allegation, arguing that as a committed signatory to the Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes."

 

USA may not, but other countries heavily depends on Iran Crude, so it is yet to be seen if the US Sanctions will work

 

FM

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