Iran says will strive to ensure oil supplies to India

In this file photo, A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf, Iran. (REUTERS)
Updated 12 July 2018
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Iran says will strive to ensure oil supplies to India

  • Iran also wants India to expedite its investment and accelerate engagement for the development of Chabahar port in Iran
  • India, Iran's top oil client after China, asked refiners last month to prepare for drastic reductions

NEW DELHI: Iran will do its best to ensure security of oil supply to India by offering "flexible measures" to boost bilateral trade, a statement from Tehran's embassy in New Delhi said.

Iran is the third-biggest oil supplier to India and has offered refiners incentives including almost-free shipping and an enhanced credit period on oil sales.

Imports from Iran could take a hit as the United States reintroduces sanctions on Tehran after withdrawing from a nuclear deal with world powers.

India, Iran's top oil client after China, asked refiners last month to prepare for drastic reductions or even zero Iranian oil imports.

"Iran understands the difficulties of India in dealing with (an) unstable energy market and it has done and will do its best to ensure security of oil supply to India," the statement said.

India's oil imports from Iran fell about 16 percent in June compared to May, tanker arrival data showed.

"Iran has always been a reliable energy partner for India and others, seeking a balanced oil market and regional prices of oil which ensure the interest of both countries as consumer and supplier," the statement said.

India was one of the few countries that continued to deal with Iran during previous sanctions although it had to cut imports from Tehran as banking, insurance and shipping channels were choked.

"We do share a very strong, very good relationship, we are in touch with them (Iran) on several issues including on the fallout of the US withdrawal from (the nuclear deal)," said Raveesh Kumar, India's Foreign Ministry spokesman.

Officials from the US Treasury Department are expected to meet Indian officials next week regarding sanctions on Iran.

Kumar said India is closely watching the situation and will do "whatever is mandated to be done in our national interest."

Iran also wants India to expedite its investment and accelerate engagement for the development of Chabahar port in Iran, the statement said.

The Indian-backed Chabahar port complex is being developed as part of a new transportation corridor for landlocked Afghanistan that could open the way for millions of dollars in trade and cut dependence on neighboring Pakistan.

"We are committed to the development of the Shahid-Besheshti terminal of Chabahar port. We are moving with speed and scale and the work is underway on all interim operations," Kumar said.

India is trying to make Chabahar port operational by 2019, India's transport minister said last month.


UK's PM Theresa May wins vote of confidence in her leadership

Updated 29 min 55 sec ago
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UK's PM Theresa May wins vote of confidence in her leadership

LONDON: Prime Minister Theresa May on Wednesday survived a bid by her own MPs to unseat her, securing the support of 200 Conservative colleagues while 117 voted against her.

The British leader overcame the party no-confidence vote after it was triggered by hardline Brexit supporters who despise the deal she struck with the EU last month.

It leaves May weakened but immune from a further internal challenge for a year.

May said after the result that she would get on with her "renewed mission" of taking Britain out of the European Union.

"Following this ballot, we now have to get on with the job of delivering Brexit for the British people and building a better future for this country," May told reporters outside her Downing Street residence.

May said she would seek legal and political assurances from EU leaders on Thursday on the backstop arrangement over the border between EU member state Ireland and the British province of Northern Ireland

Meanwhile, opposition Labour Party leader Jeremy Corbyn said on Wednesday that Britain's parliament needs to regain control of the Brexit process.

"Tonight's vote makes no difference to the lives of our people," Corbyn said in a statement. "She must now bring her dismal deal back to the House of Commons next week so Parliament can take back control."