Iran says it will strive to ensure the oil supply of India

NEW DELHI: Iran will do its best to ensure the security of India's oil supply by offering "flexible measures" to boost bilateral trade, according to a statement from the Embbady of Tehran in New Delhi.

Iran is India's third largest oil supplier and has offered refiners incentives including near free delivery and a strengthened credit period on oil sales.

Imports from Iran could suffer a blow as the United States reintroduces sanctions against Tehran after it has withdrawn from a nuclear deal with the world powers.

India, Iran's first oil customer after China, asked refiners last month to prepare for drastic cuts or even zero Iranian oil imports.

"Iran understands India's difficulties facing an unstable energy market and has done and will do its best to ensure the security of the oil supply of India, "the statement said.

India's oil imports from Iran dropped by about 16 percent in June compared with May, as oil tanker data showed.

"Iran has always been a reliable energy partner for India and others, seeking a balanced oil market and regional oil prices that guarantee the interest of both countries. as consumers and suppliers, "the statement said.

India was one of the few countries to continue dealing with Iran during the previous sanctions, although it had to reduce its imports from Tehran as the circuits banking, insurance and shipping were smothered.

"We share a very strong, very good relationship, we are in touch with them (Iran) on several issues including the fallout from the US withdrawal from (the nuclear deal)," said Raveesh Kumar, minister Foreign Affairs of India. spokesperson.

US Treasury officials are expected to meet with Indian officials next week regarding sanctions against Iran.

Kumar said that India was following the situation closely and would do "everything prescribed in the national interest".

Iran also wants India to accelerate its investments and speed up its commitment to the development of Iran's Chabahar port, the statement said.

The Indian-backed Chabahar port complex is being developed as part of a new transport corridor for landlocked Afghanistan that could pave the way for millions of dollars of trade and reduce the dependence of neighboring Pakistan.

"We are engaged in the development of the Shahid-Besheshti terminal of Chabahar port, we are moving with speed and scale and work is ongoing on all interim operations," said Kumar.

India is trying to make the port of Chabahar operational in 2019, said the Indian Minister of Transport last month.