Union Minister for Petroleum and Natural Gas, Veerappa Moily, has said that “engagement’’ with Iran will increase following the pact that Iran has struck with six major powers at Geneva on Sunday to freeze its nuclear programme.

He was answering questions on the impact of the Iran nuclear deal to a select group of media persons in Mumbai last night.

According to Petroleum Ministry officials, India is likely to import 11 million tonnes of crude oil from Iran this year. This is significantly down from 13 mt imported in 2012-13, 18 mt in 2011-12 and 21 mt in 2009-10.

India imports 80 per cent of its oil requirements. Iran, once a major supplier now contributes about 7 per cent of India’s oil requirements. Net import of oil has been around 125 mt in the last couple of years.

(This article was published on November 26, 2013)
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