June 18, The Iran Project – Indian Ambassador to Iran has stressed common grounds of cooperation between Tehran and Delhi, saying the two countries have excellent cooperation in various sectors.
Speaking to a reporter on Sunday, Saurabh Kumar referred to Iran-India’s long-standing relations, adding the two countries have excellent cooperation in various sectors of economy, culture, science, tourism and energy and have great potentials for bilateral relations in the future.
Iran and India enjoy long-lasting history, culture and and common long-term trade relationships but in the last 10 years because of the international sanctions imposed on Tehran, the two countries’ trade relations were limited.
However after Iran’s nuclear deal with the world powers, India could increase its oil imports from the Islamic Republic and pay the price in local currency, Kumar said.
He went on to say that last year, India bought 20 million cubic meters of Iranian oil worth $7 billion, adding Delhi is seeking to strategically expand its energy relations with Tehran.
Reportedly, India’s oil imports from Iran hit a record high above half-a-million barrels per day (bpd) in 2016/17 as the two countries stepped up trade after the lifting of sanctions on Tehran.
But, it should be mentioned that last Wednesday, the US Senate voted overwhelmingly to advance a bill that would impose new sanctions on Iran.
The sanctions come following two sets of sanctions, imposed in February and May by the US Treasury Department over Iran’s missile program, which are in breach of the so-called Joint Comprehensive Plan of Action (JCPOA).