India struggling to insure Iranian oil imports - minister

VIENNA Wed Jun 13, 2012 6:29pm IST

A worker counts currency notes at a petrol pump in Siliguri February 5, 2008. REUTERS/Rupak De Chowdhuri/Files

A worker counts currency notes at a petrol pump in Siliguri February 5, 2008.

Credit: Reuters/Rupak De Chowdhuri/Files

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VIENNA (Reuters) - India is struggling to find a way to insure oil shipments from Iran after a European ban comes into effect from July 1, Oil Minister S. Jaipal Reddy told reporters in Vienna, where crude producers from OPEC meet on Thursday.

He said government institutions were considering the issue.

"We are struggling to find solutions, I cannot say beyond that," Reddy said, adding sovereign guarantees were "in the process of examination."

India has just secured a waiver from Washington to tighter sanctions on Iran aimed at curbing its nuclear programme after the world's fourth-biggest oil importer cut imports from Tehran, one of its biggest suppliers along with fellow OPEC members Saudi Arabia and Iraq.

(Reporting by Dan Fineren; Editing by Jo Winterbottom and William Hardy)

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