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India will continue to import oil from Iran: Reddy

New Delhi, Fri, 23 Mar 2012 ANI

New Delhi, Mar 23 (ANI): Union Petroleum and Natural Gas Minister S. Jaipal Reddy on Friday said India will continue to import oil from Iran without violating international law.

Reddy's comments come in the wake of U.S. saying that it could impose sanctions on countries imposing the product.

"We have a systematic plan for receiving oil from Iran. Our companies need oil from Iran and we will continue to do that without violating international law either in letter or in spirit," Reddy told mediapersons on the sidelines of the seventh Asia Gas Partnership Summit here.

"We are expecting no cut (in Iranian supplies in the next financial year)," Reddy added, when asked whether there will be any cut.

Commenting on the US sanctions targeting Iran and the European Union embargo of Iranian crude oil, Reddy said: "We continue to receive representations from the United States and other countries. We respect their sentiments. We have requested them to appreciate our minimum needs. We need to take care of our own consumers' interest."

When asked to comment on the reforms that have been initiated with regard to gas pricing, Reddy said: "Well, the Prime Minister has made a general statement. I should not try and elaborate on it without working out the details."

The Prime Minister, Dr. Manmohan Singh, earlier today said the government has initiated gas pricing policy reforms to incentivize production of natural gas.

Addressing the seventh Asia Gas Partnership Summit here, Dr. Singh said: "We are conscious that remunerative energy prices are needed to ensure expanded energy supply. At the same time oil and gas are national resources and, therefore, should be within the framework of government and regulatory oversight."

"The economic exploitation of these resources should lead, therefore, to win-win solutions for both the investors as well as the people of India at large," he added. (ANI)

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