TEHRAN (ISNA)- India imported 5.82 million tons of crude oil from Iran during the first eight months of current fiscal year, Indian Rajya Sabha Daily reported.
The imports during April-November are just over half of the 11 million tons target set for current fiscal.

Indian Minister of State for Petroleum and Natural Gas Panabaaka Lakshmi said India imported 13.14 million tons of crude oil from Iran in 2012-13, down from 18.11 million tons in the previous year.

India has been since last year cutting import of crude oil from Iran after the US and European nations' sanctions made shipments and payments difficult.

Last month, the US extended six-month Iran sanctions waiver to India in exchange for it reducing purchases of Iranian crude oil this year.

China and South Korea were among the other nations that won the waiver, which essentially means that banks in the consuming countries will not face being cut off from the US financial system for the next six months.

In 2010-11, India had imported 18.50 million tons of crude oil from the Persian Gulf state, she said.

"Quantum of crude oil imported by Indian refineries from various sources is decided by them on the basis of technical, commercial and other considerations," she said. "The oil companies finalize the term contract volume based on techno- economic and energy security point of view."

India, which currently importing crude from over 30 countries, has not publicly said it was aiming to cut back oil imports from Iran but has unofficially asked its top importers to prune shipments from Tehran.
By ISNA



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