India will continue to import oil from Iran without violating any international law and has requested the United States and the European Union to take into account the country's oil needs, India's oil minister said on Friday. "We have a systematic plan for receiving oil from Iran," Jaipal Reddy told reporters at the Asia Gas Partnership Summit, but did not elaborate.
The United States gave exemptions on Tuesday from its crippling financial sanctions to Japan and 10 EU nations it said had cut purchases of Iranian crude, but left Asian economic giants India and China exposed to the risk of such steps. "We continue to receive representations from the US and other countries. With respect to their sentiments, we have requested to appreciate our needs," Reddy said. India is Iran's second-biggest oil client after China and Tehran used to supply about 12 percent of the south Asian country's needs, worth about $11 billion a year. Reddy also said there would be no supply shortage.
India, publicly disdainful of sanctions to pressure Iran, is privately pushing its refiners for substantial cuts in imports from the Middle Eastern country. Indian state refiners planning to cut the size of their term deals with Iran have sought additional supplies from the world's top oil exporter, Saudi Arabia, and fellow Opec member Iraq.
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