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India would continue to import oil from Iran: Reddy

Tuesday, 21 February 2012 | 12:39
Union Petroleum Minister S Jaipal Reddy has confirmed that India would continue to import oil from Iran.
Talking to reporters at Thirumamilla village near Chilakaluri pet town in Guntur district, he said India would continue to import crude oil from Iran as per the norms of the United Nations.
The Minister admitted that payment to Iran for the crude oil was difficult as payment in US dollars was not possible now.
He said the production of gas in the Krishna-Godavari basin had declined drastically. If gas production was increased to the required quantity, the Centre would consider distribution to different states for them to meet their requirements. Mr Reddy said that domestic gas would be supplied to households through pipeline in selected areas soon.The Centre has been bearing 1,50,000 lakh crore loss in the form of subsidies on oil products, he said adding the price of diesel oil was not hiked keeping in mind farmers using diesel in large quantities to run their pumpsets.
Source: TNN
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