Wednesday, Mar 21, 2012
NEW DELHI (Dow Jones)--India's crude oil imports from Iran are likely to drop 8% in the current financial year in the wake of U.S. and European Union sanctions on the Persian gulf nation.
The South Asian nation's imports from Iran are likely to be 17 million tons, or 340,000 barrels a day, in the year ending March 31, Indian Foreign Secretary Ranjan Mathai said Wednesday.
India imported 18.499 million tons, or 369,980 barrels a day, crude from Iran in the last financial year, oil ministry data showed.
Mathai said that India is pursuing a policy to diversify its sources of crude oil imports and that refiners are free to make independent decisions on buying crude from Iran.
About a tenth of India's crude imports is under threat as the U.S. and EU have imposed sanctions against Iran for its nuclear program, which Tehran says is for peaceful purposes.
The Obama administration said Tuesday it won't impose sanctions against Japan and 10 EU nations that have moved to pare Iranian oil purchases. India has so far maintained that it doesn't abide by sanctions imposed by individual countries or blocks and follows only United Nations sanctions.
-By Abhrajit Gangopadhyay, Dow Jones Newswires; +91-11-4356-3334; rakesh.sharma@dowjones.com
(END) Dow Jones Newswires
21-03-12 1223GMT
