His
Excellency Mr. Rostam Ghasemi,
Minister of Oil of Islamic Republic of Iran visited India for discussions with
his counterpart, Dr. M. Veerappa Moily,
Minister for Petroleum & Natural Gas, Government of India. In the meeting
held today, the two delegations reviewed on-going cooperation in the
hydrocarbons sector.
2. The Indian refiners have a long-standing
relationship with the National Iranian Oil Company (NIOC). During the visit,
the Iranian side encouraged the Indian side to increase its crude purchase. The
Indian side explained that it would encourage companies to maintain their
engagement in terms of crude oil purchase, taking into account their requirements,
based on commercial and international considerations.
3. The two sides also discussed the marine
insurance charged by the Iranian insurance companies for shipment of oil to
India and arranging ships for carrying out the voyage.
4. Both sides also discussed the issue of
reinsurance cover for the composite insurance of Indian refineries, which has
recently affected crude purchase from Iran.
5. The two sides agreed to address the trade
balance between the two countries. The Indian side requested the Iranian side
to consider sourcing more goods from India to rectify the trade balance. The
Iranian side agreed to consider this request.
6. Both sides agreed to discuss outstanding
issues related to the development of Farzad B gas
field.
7. Both sides agreed to continue the
cooperation in supply/ purchase of crude oil and resolve any outstanding issues
of mutual interest.
