Iran looks at increasing crude oil exports to India; offers insurance to Indian refiners

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Iran looks to increase crude exports to India; offers sops
In order to boost its decreasing crude oil sales and hence falling revenues, the Islamic country Iran has offered insurance to the Indian refiners, said the media reports.

Since the US and European Union imposed sanctions on Iran, the country is facing a significant decrease in the crude exports. These sanctions also forced Indian refiners to reduce oil imports as Indian insurers had stopped covering refineries that process Iranian crude.

After a meeting between Indian Oil Minister Veerappa Moily and his Iranian counterpart Rostam Qasemi, sources told media that Iran is expected to offer insurance for the Indian refineries.

Sources said that Qasemi has also offered a production-sharing contract to Indian firms for developing the Farzad B gas field in the Farsi block. He has also asked India to boost exports to Tehran to fix a trade imbalance.

Moreover, Iran has also offered to ship gas to India in liquefied form via Oman. As the Islamic nation does not possess the technology to liquefy gas, it has asked India to use Oman for liquefying the gas for further supplies to New Delhi, sources added.

Read more about: iran
Story first published: Tuesday, May 28, 2013, 13:31 [IST]
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