Young Journalists Club | Latest news of Iran and world

News ID: 622
Iran » Iran
Publish Date: 13:21 - 31 March 2013
TEHRAN, YJC. -- A senior Indian official says trade ties between Iran and India are “on the rise,” stressing that New Delhi will not halt oil imports from the Islamic Republic.
"Any kind of permanent halting of oil shipments from Iran is not feasible at this point of time,” the Indian daily The Hindu quoted a senior Commerce Ministry official as saying.

The official noted that any decision to stop Iranian crude will "jeopardize” the rising bilateral trade relations.

"The Iranians have shown interest in import of various business commodities including agricultural products and any adverse decision on the crude oil front will jeopardize that great opportunity,” the official said.

The comments came only days after India’s Petroleum and Natural Gas Minister M. Veerappa Moily rejected the recent Western reports that that his country might halt imports of Iranian crude over the US-led sanctions against Tehran's energy sector.

An Indian oil official also recently announced that details of an insurance fund for Iranian oil shipments would be outlined in the near future, adding that India's national insurance companies, the Oil India Development Board as well as other major players in the nation’s oil industry will contribute to the insurance fund.

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

The United States, the Israeli regime and some of their allies have repeatedly accused Iran of pursuing non-civilian objectives in its nuclear energy program.

Iran has categorically rejected the allegation, arguing that as a committed signatory to the the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) it is entitled to acquire and develop nuclear technology for peaceful purposes.

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