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India struggling to insure Iranian oil imports - minister
June 13, 2012 / 1:03 PM / in 5 years

India struggling to insure Iranian oil imports - minister

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.

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

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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