India’s oil imports from Iran expected to fall 30 % in 2011-12

Jan 13, 2012 12:00 AM

The Indian government has not asked any refiner to cut imports of Iranian crude oil despite US sanctions.
But after the RBI barred payments through a regional clearinghouse a year ago, refiners themselves are gradually reducing such purchases, which are projected to fall 30 % in 2011-12, government and industry officials said.

"We have not asked companies to cut imports from Iran," said the secretary of the oil ministry, Sudhir Bhargava.
India imports about $ 12 bn worth Iranian crude oil.

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