NEW DELHI: India, which has reduced its oil imports from Iran, thereby satisfyingUSwaiver conditions, will take up for review its dependence on Iraniancrude oilin the new year,External Affairs MinisterSalman Khurshidsaid here on Thursday."I think we are well withinthe structure of USwaiver. The bottom line of the conditions of the waiver has been satisfied which is you should not increase dependency on it," he said on the sidelines ofa CII seminar.
Khurshidalso said a review in this regard "will be done in the new year".
Earlier this year, the US had exemptedIndiaand six other countries from tough new financial sanctions onIran's oil tradeciting significant reduction in imports of Iranian oil by them.
Crude imports fromIranhave a steadily declining share in India'stotal oil importswith the levels dropping from over 16 per cent in 2008-09 to almost 10 per cent in 2011-12.
Khurshid said India has taken a "principled position" on the issue and was compliant withthe UN sanctionson Iran.
"When you take a principled position, sometimes it hurts you. But because of this principled position, India is different from many other countries and has been appreciated by the US and Iran," he said.
Asked about China being India's competitor in acquiring energy assets abroad, Khurshid said, "We are not competing with China.
"China can be in partnership with us in many places and the offer remains open. China can collaborate with us. China can take its own path. China can explore its own opportunities and we can explore our own. Why should we look at China as a competition or China as something that we have necessarily have to match?" the Minister said.
Khurshid denied that India was not successful in securing energy assets abroad and said, "Afghanistan is inviting us beyond Bamiyan for energy, for mineral (exploration).
"The entrepreneurs should be willing to be adventurous and should be willing to go new land. We have vast vast assets now inAfricaas Indian businessmen have quietly made in big way," he said.
By The Economic Times
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