Iran, India highlight enhancing energy ties

Oil&Gas Materials 28 May 2013 14:03 (UTC +04:00)

Azerbaijan, Baku, May.28/ Trend F.Karimov/

Iranian Oil Minister Rostam Qasemi and his Indian counterpart M Veerappa Moily at a meeting in New Delhi,highlighted boosting bilateral ties in the field of energy, IRNA reported.

The Indian side called upon Iran to buy more goods from India and the Iranian side proposed that India participates in the development of the Farzad-B gas field in Iran.

Iran also looked at a request from India to buy more crude oil from the country.

The two sides also discussed the issue of insuring Iranian crude oil cargoes destined to India.

Qasemi is on a three-day visit to India from Sunday to woo New Delhi to step up oil imports and invest in the OPEC-member's oil and gas sector.

Two refiners - Hindustan Petroleum Corp, and Mangalore Refinery and Petrochemicals Ltd halted Iranian oil purchases in April due to insurance problems.

India cut imports of Iranian oil by 26.5 per cent in the fiscal year which ended March 31 and had reduced shipments by 56.5 per cent in April, Reuters quoted some trade sources anonymously on May 27.

"Both of us expressed our desire to continue business with each other. We need to nurture business with them. There are problems which will be sorted out," said Moily after the meeting.