ENERGY

India says too early to predict sanctions impact on Iran imports

There is concern over the impact of an oil price increase on consuming countries. (File photo: Reuters)

Indian Oil Minister Dharmendra Pradhan said on Saturday it was too early to predict the impact of US sanctions on his country’s imports of Iranian oil.

Pradhan told Reuters during a visit to the United Arab Emirates that he was “a little bit concerned” about the impact of an oil price rise on consuming countries but that he did not think oil supply will be an issue.

ALSO READ: Oil near multi-year highs as Iran sanctions tighten supply outlook

“Let’s see how things are moving. It’s too early to predict in one way. We are watching very carefully.”

“This kind of geopolitical (tension) affects both consuming and producing countries. We have to live with the reality of the present geopolitics,” Pradhan said.

Joint venture

The oil minister added that there was a consensus between Saudi state oil giant Aramco, the Abu Dhabi National Oil Company ADNOC and Indian companies to firm a joint venture for India’s Ratnagiri oil refinery.

The planned $44 billion facility in western India will be one of the largest refining and petrochemical complexes in the world at 1.2 million barrels per day.

Saudi Aramco in April signed a deal with India for a 50 percent stake in the project. Aramco may introduce at a later stage a strategic partner to share its 50 percent stake.

ADNOC wants to expand its downstream portfolio in markets where demand for oil is still growing, such as China and India, securing a new outlet for its crude.

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Last Update: Saturday, 12 May 2018 KSA 15:53 - GMT 12:53
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