Indiasaid Tuesday it only subscribes to the UN sanctions onIranand not the US ones amid indications it may be looking to Tehran for importing crude. "We don't subscribe to the US sanctions, we subscribe to the UN sanctions. We were party to the UN sanctions, to the UN resolution and voted for it," said External Affairs Minister Salman Khurshid to ...

Iran has discovered a new hydrocarbon layer in southern part of the country which contains huge amounts of light crude oil, the Fars News Agency quoted National Iranian Oil Company official Hormoz Qalavand as saying. Qalavand informed that the preliminary studies show that 26 million cubic feet of gas can be extracted per day from oil wells in the ...