Iran-India Review Ongoing Co-op In Hydrocarbons Sector

New Delhi, May 28, IRNA – Iran and India Monday reviewed on-going cooperation in the hydrocarbons sector. Both the sides agreed to continue the cooperation in supply/ purchase of crude oil and resolve any outstanding issues of mutual interest, said the Joint Statement issued here today after the delegation-level meeting held here between the visiting Iran’s Petroleum and Natural Gas Minister, Rostam Ghasemi and his Indian counterpart M. Veerappa Moily. During the meeting Iranian side encouraged India to increase its crude purchase. The Indian side explained that it would encourage companies to maintain their engagement in terms of crude oil purchase, taking into account their requirements, based on commercial and international considerations. Indian refiners have a long-standing relationship with the National Iranian Oil Company (NIOC). The two sides also discussed the marine insurance charged by the Iranian insurance companies for shipment of oil to India and arranging ships for carrying out the voyage. Iran and India also discussed the issue of reinsurance cover for the composite insurance of Indian refineries, which has recently affected crude purchase from Iran. The two sides agreed to address the trade balance between the two countries. The Indian side requested the Iranian side to consider sourcing more goods from India to rectify the trade balance. The Iranian side agreed to consider this request. Both sides agreed to discuss outstanding issues related to the development of Farzad B gas field. Leading a high-powered delegation, Iranian Oil Minister Rostam Ghasemi arrived in New Delhi on Sunday. Iran, with its strong energy capacity is a crucial energy supplier to India./end