India looking for ways to make Iran oil payments: Reddy
23 January 2012
India is making all efforts to make payments for crude oil it imports from Iran, as it wants to buy as much Iranian oil as it can, as the terms are "favourable", minister for petroleum and natural gas S Jaipal Reddy said today.
Addressing an energy summit in the capital, the minister said the country would lap up as much oil it can from Iran and the two countries are looking for payment options for $12 billion of crude a year the wake of fresh US sanctions on Iran.
"I can only say Iran's attitude to India is still very positive. We have made our best efforts to make payments. In spite of difficulties, Government of Iran has put up with us," he said.
"It will be our effort to tap Iran as source fully," he added.
Reddy said India would abide by only UN sanctions and not those imposed by any individual or a regional block.
India sources around 12 per cent of its oil requirements from Iran and now makes payments through a Turkish bank, Halkbank, after the Reserve Bank of India closed a previous clearing mechanism.