Zaiwalla & Co. LLP comments on Indian imports of Iranian oil
Published by Elizabeth Corner,
As India is likely to inform the US on its inability to cut Iran oil imports after sanctions come into effect, Pavani Reddy - Managing Partner at Zaiwalla & Co. LLP has said:
“As the foreign and defence ministers of the United States and India are preparing to meet in New Delhi on Thursday, news reports widely indicate India’s reluctance to conform with America’s unilateral sanctions on Iran.
“At a time when India is internally facing mounting pressure from rising oil prices and weakening rupee against the dollar, over the backdrop of looming general elections in 2019, it is expected to continue its reliance on Iran to meet its energy supplies.
“This is particularly because shipping and imports costs from Iran are cheaper than from countries such as the United States, owing to its proximity. When India relies on imports to meet 80% of its domestic energy requirements, this does amount to significant costs, capable of transcending quickly towards the consumer end. Considering the 2019 general elections are less than eight months away, the Indian government would be careful of the optics, and therefore would be expected to inform the US on its independent external policy outlook.”
Read the article online at: https://www.worldpipelines.com/business-news/06092018/zaiwalla-co-llp-comments-on-indian-imports-of-iranian-oil/
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