facebook
twitter
rss
account
search
search
 

Report: India mulls energy ties to Iran

Sept. 13, 2013 at 9:03 AM   |   Comments

NEW DELHI, Sept. 13 (UPI) -- The Indian government is considering setting up a company specifically for exploration and development of Iranian oilfields, authorities said.

The Economic Times of India reported Friday the government was mulling a separate company for work in Iran. The company would be "fully owned by the government" and work under the direction of the Oil Ministry, sources close to the conversation told the newspaper.

The report said India's Oil and Natural Gas Corporation Ltd. would be kept away from any new company because of the attention it would likely receive from a U.S. government wary of India's relationship with Iran.

Indian imports of Iranian crude oil were limited by sanctions restricting payment and insurance options. New Delhi in June secured a waiver from U.S. sanctions for reducing the amount of Iranian crude oil it imports.

The report Friday said India can't afford to ignore key sources of energy so close to its shores because of rising energy needs. It said India was already in a "catch-22 situation" because it was eager to tap into Iranian natural gas sources while at the same time avoiding additional scrutiny from the United States.

India is the fourth largest energy consumer in the world.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Laundry drying sparks 'smart skin' concept for aircraft
2
Native concerns over oil vetted in Canada
3
Military training aircraft delivered to Mexico
4
Gulf of Mexico lease draws advocacy fire
5
Twinkies' Chicago facility to close
Trending News
Video
x
Feedback