India, Iran discuss keeping Iranian oil lines open post-US sanctions

Last Updated: Fri, Sep 07, 2018 16:30 hrs
FILE PHOTO: A motorist holds a fuel pump at a Gulf petrol station in London

New Delhi: Iran on Friday said it is working together with the Indian government to keep its oil export lines to India open even after US sanctions on the Gulf nation kick in on November 4 following Washington's withdrawal from the Iran nuclear deal.

Speaking to reporters on the sidelines of the Global Mobility Summit here, the Iranian Roads and Urban Development Minister Abbas Akhoundi described the US as an "outsider" to the region and underlined the need to strengthen the traditional relationship between India and Iran.



"India and Iran's relationship is essential for region and we are looking at ways to work together. The US is an outsider in the region, so the insiders should come together and continue their friendship," he said.

The Iranian Minister's remarks come a day after India and the US signed a long-negotiated defence pact that enables Indian Armed Forces to buy more sensitive military equipment from Washington but there was no progress on securing a waiver from American sanctions that bar New Delhi from purchasing Russian weapons or Iranian oil.

India has been maintaining that purchase of Iranian crude is crucial to its energy security and that it would go ahead with its purchase of S-400 missile defence system from Russia.

Briefing reporters here after the first India-US 2+2 dialogue, US Secretary of State Mike Pompeo said that he had told the Indians "consistently that on November 4 the sanctions will be enforced, and that we will consider waivers where appropriate".

He, however, said the US expected that the purchases of Iranian crude oil would "go to zero from every country, or sanctions will be imposed. So we'll work with the Indians".

"From whence they (India) purchase the other crude oil, we're happy to see if it's American products that are able to deliver for them."

However, responding to a question on India's Russian defence deal, Pompeo said: "Our effort here, too, is not to penalise great strategic partners like India, a major defence partner. The sanctions aren't intended to adversely impact countries like India. They are intended to have an impact on the sanctioned country."

India currently has a competitive agreement with Iran for oil supplies -- the shipping costs from the Persian Gulf are minimal in comparison to the US and Iran also offers a longer credit repayment period.

Iran became the second biggest oil supplier to India during the first quarter of the current fiscal with state-run oil companies opting for the heftier discounts offered by the Gulf nation, which thus replaced Saudi Arabia in this position, according to official data.

State Capitals (Applicable from 6:00 a.m. on 07-09-2018) Petrol Current Price(Per Lt) Petrol Previous Price(Per Lt) Change(Rs)
Petrol price in New DelhiRs.79.51 Rs.79.31 0.20
Petrol price in KolkataRs.82.41 Rs.82.22 0.19
Petrol price in MumbaiRs.86.91 Rs.86.72 0.19
Petrol price in ChennaiRs.82.62 Rs.82.41 0.21
Petrol price in GurgaonRs.80.01 Rs.79.92 0.09
Petrol price in NoidaRs.79.72 Rs.79.64 0.08
Petrol price in BangaloreRs.82.03 Rs.81.89 0.14
Petrol price in BhubaneswarRs.78.41 Rs.78.06 0.35
Petrol price in ChandigarhRs.76.56 Rs.76.36 0.20
Petrol price in HyderabadRs.84.30 Rs.84.09 0.21
Petrol price in JaipurRs.82.72 Rs.82.20 0.52
Petrol price in LucknowRs.79.63 Rs.79.47 0.16
Petrol price in PatnaRs.85.78 Rs.85.51 0.27
Petrol price in TrivandrumRs.82.67 Rs.82.60 0.07
Petrol price in DelhiRs.79.51 Rs.79.31 0.20
Petrol price in KolkataRs.82.41 Rs.82.22 0.19
Petrol price in MumbaiRs.86.91 Rs.86.72 0.19
Petrol price in ChennaiRs.82.62 Rs.82.41 0.21
Petrol price in FaridabadRs.80.31 Rs.80.01 0.30
Petrol price in GurgaonRs.80.01 Rs.79.92 0.09
Petrol price in NoidaRs.79.72 Rs.79.64 0.08
Petrol price in GhaziabadRs.79.72 Rs.79.45 0.27
Petrol price in AgartalaRs.77.98 Rs.77.78 0.20
Petrol price in AizwalRs.75.39 Rs.75.64 -0.25
Petrol price in AmbalaRs.79.76 Rs.79.71 0.05
Petrol price in BangaloreRs.82.03 Rs.81.89 0.14
Petrol price in BhopalRs.85.23 Rs.85.03 0.20
Petrol price in BhubhaneswarRs.78.41 Rs.78.06 0.35
Petrol price in ChandigarhRs.76.56 Rs.76.36 0.20
Petrol price in DehradunRs.80.27 Rs.80.12 0.15
Petrol price in GandhinagarRs.78.83 Rs.78.55 0.28
Petrol price in GangtokRs.82.70 Rs.82.50 0.20
Petrol price in GuwahatiRs.81.94 Rs.81.78 0.16
Petrol price in HyderabadRs.84.30 Rs.84.09 0.21
Petrol price in ImphalRs.77.56 Rs.77.40 0.16
Petrol price in ItanagarRs.75.00 Rs.74.81 0.19
Petrol price in JaipurRs.82.72 Rs.82.20 0.52
Petrol price in JammuRs.81.41 Rs.81.03 0.38
Petrol price in JalandharRs.85.01 Rs.84.57 0.44
Petrol price in KohimaRs.78.02 Rs.77.41 0.61
Petrol price in LucknowRs.79.63 Rs.79.47 0.16
Petrol price in PanjimRs.73.25 Rs.72.98 0.27
Petrol price in PatnaRs.85.78 Rs.85.51 0.27
Petrol price in Port BlairRs.68.50 Rs.68.33 0.17
Petrol price in RaipurRs.79.91 Rs.79.71 0.20
Petrol price in RanchiRs.79.00 Rs.78.72 0.28
Petrol price in ShillongRs.79.15 Rs.78.77 0.38

More from Sify: